- Capital markets operating revenue for the top 13 investment banks totaled $144 billion for the first nine months of 2014, nearly matching revenue from the same period in 2013. Revenue reached $43 billion in the third quarter of 2014, slightly higher than the prior year period. - While revenue was mostly flat, operating expenses increased 6% to $108 billion, reducing pre-tax profits 21% below the first nine months of 2013. Banking profitability rose 10% but fixed income, currencies and commodities and equities suffered sharp drops in profitability. - Primary issuance and mergers and acquisitions advisory fees recorded strong growth in the third quarter of 2014, with global volumes and fees up approximately 30%

1. Sector
-
Capital Markets: Results Review 3Q14 / 9m14
 Capital markets operating revenue at the Top 13 investment banks totalled $144bn at the end of
9m14, barely behind 9m13. During the three months of 3Q14, operating revenues reached
$43bn, slightly ahead of 3Q13 as strong ECM, M&A, FX and rates offset falls in DCM and equities
revenues. The decline in FICC trading predicted by some market analysts did not materialise in
3Q14; on the contrary, only credit revenues declined – slightly. Revenue/headcount productivity
rose sharply in FICC compared to 9m13, partly due to banks’ continued trimming of staff in 2014.
 Year-to-date operating expenses grew, however, by 6% to $108bn (excluding prop & principal
investments), reducing the cumulative pre-tax profit to $31bn, 21% below 9m13. Banking
profitability increased during this period by 10%, but FICC and Equities suffered sharp drops.
The drop in equities’ profitability was largely due to the weak 3Q14, and was more pronounced
among cash equity ‘flow monsters’.
3.5
3.5
160
Operating Revenue (9m13) (9m14)
3
$40.0bn
2.5
2
$65.3bn
1.5
1
3
$37.1bn
2.5
2
$68.8bn
1.5
$35.6bn 1
$34.1bn
Primary
% change share of peer group operating revenue and pre-tax profit (9m14 / 9m13)
140
120
100
80
60
40
20
0.04
0.03
0.02
0.01
0
-0.01
-0.02
Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/equivalent and one-offs.
(3) Headcount: Front office full-time equivalent, adjusted for seniority. (4) Pre-tax profit excludes Prop & Principal Investments..
1 / 6 14 November 2014
© Tricumen Limited 2014. All rights reserved.
$2.3m
$3.8m
$2.2m
0.5
0.8 1 1.2
$2.2m
$3.5m
$2.3m
0.5
0.8 1 1.2
FICC
Equity
Prop &
PrincInv
Operating Revenue
(US$bn)
Op't Revenue / FO FTE
Headcount (US$m)
Operating Revenue
(US$bn)
Op't Revenue / FO FTE
Headcount (US$m)
$5.0bn $4.8bn
0
9m13
0.3%
-0.8%
0.1%
0.0%
0.2%
-0.4%
1.2%
0.1%
-0.9%
0.8%
-0.3%
-0.2%
-0.2%
2.0%
-1.2%
-0.4%
0.0%
2.1%
0.1%
3.1%
0.8%
-2.0%
3.6%
-2.6%
0.4%
0.0%
-0.03
BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS
mkt
share
gain
mkt
share
loss
Revenue
Pre-Tax Profit

2. Sector
Primary issuance & Advisory
 In DCM bonds, Europe outperformed: in 9m14, volumes grew 10% and fees almost twice as
much. That said, sales of new HY bonds slowed to a trickle as prices dropped. In APAC, while
margins remain under pressure, bond sales in 9m14 in US$, EUR and Yen exceeded the previous
$143bn FY13 record volumes. In 3Q14, most global players in this report saw a decline in fee
earnings versus 3Q13; Credit Suisse and HSBC were notable exceptions. The loan market did
better: volumes grew slightly versus 3Q13, but most of ‘our’ banks achieved higher margins.
 ECM maintained the strong growth seen in 1H14: in 9m14, volumes were 25% ahead of 9m13,
and estimated fees nearly 40%. Europe outperformed, with marketwide fees more than doubling
from 9m13. An area to watch is the converts issuance in APAC: the market is small, but it
boomed in 9m14, with volumes up more than 50% compared to 9m13.
 M&A/Advisory fees also recorded strong growth in 3Q14: global volumes and fees were up c.30%
versus 3Q13. Banks’ fees grew at the fastest rate in Europe; in addition, European companies
announced $90bn+ of deals 3.5
involving US-based target in the first 3.5
nine months of 2014.
45
Operating Revenue (9m13) (9m14)
$2.5m
$6.6m
$1.1m
3
2.5
2
1.5
1
3
2.5
2
1.5
1
% change share of peer group operating revenue and pre-tax profit (9m14 / 9m13)
40
35
30
25
20
15
10
5
0.025
0.02
0.015
0.01
0.005
0
-0.005
-0.01
-0.015
-0.02
Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/equivalent and one-offs.
(3) Headcount: Front office full-time equivalent, adjusted for seniority. (4) Pre-tax profit excludes Prop & Principal Investments.
2 / 6 14 November 2014
© Tricumen Limited 2014. All rights reserved.
0.5
0.8 1 1.2
$2.5m
$7.0m
$1.2m
0.5
0.8 1 1.2
DCM &
Securitisation
ECM
M&A /
Advisory
Operating Revenue
(US$bn)
Op't Revenue / FO FTE
Headcount (US$m)
Operating Revenue
(US$bn)
Op't Revenue / FO FTE
Headcount (US$m)
$7.3bn
$8.8bn
$7.0bn
$8.7bn
$22.8bn
$22.5bn
0
9m13
-0.5%
-0.1%
-0.0%
0.3%
0.3%
-0.8%
0.9%
0.3%
-0.9%
1.6%
-1.2%
0.1%
-0.0%
-2.1%
0.3%
-0.1%
0.5%
0.9%
-0.0%
2.1%
0.4%
-1.1%
2.0%
-2.0%
-0.9%
0.0%
-0.025
BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS
mkt
share
gain
mkt
share
loss
Revenue
Pre-Tax Profit

3. Sector
FICC
 In G10 FX, USD/JPY volumes declined from the 2Q14 peak, and margins returned to their Jan-13
lows. In EM, volumes faltered in Brazil and margins tightened in Mexico. Singapore FX remained
strong on solid volumes, especially in FX Options. The shift to electronic trading is accelerating.
 In Rates, US repo term volumes surged to 1Q13 highs. The outlook for swap trading is uncertain
given sustained decline in volume. Repo margins plummeted in Europe as the LTRO programme
took effect, and uncertain economic outlook depressed government bond trading. Options and
exotics were steady, aside from an exceptional week in August.
 In European, US HG and HY credit, volumes declined in July and August, but jumped in
September (and October). CDS volumes continued their sharp decline from the May high.
 In Commodities, the client revenue opportunity remained unchanged from 3Q13 in the US energy
and European and US metals. In 14-Aug, the daily price fix for silver was replaced with an
electronic, auction-based 3.5
system; gold, platinum and palladium may 3.5
follow soon.
80
Operating Revenue (9m13) (9m14)
$4.1m
$2.8m
$16.4bn
$24.9bn
$15.0bn
$23.7bn
$21.9bn $4.7m
$21.9bn
$2.6m
3
2.5
2
1.5
1
3
2.5
2
1.5
1
% change share of peer group operating revenue and pre-tax profit: (9m14 / 9m13)
70
60
50
40
30
20
10
0.05
0.04
0.03
0.02
0.01
0
-0.01
-0.02
-0.03
-0.04
Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/equivalent and one-offs.
(3) Headcount: Front office full-time equivalent, adjusted for seniority. (4) Pre-tax profit excludes Prop & Principal Investments.
3 / 6 14 November 2014
© Tricumen Limited 2014. All rights reserved.
0.5
0.8 1 1.2
$4.3m
$3.1m
$4.7m
$3.1m
0.5
0.8 1 1.2
FX
Rates
Credit
Commodities
Operating Revenue
(US$bn)
Op't Revenue / FO FTE
Headcount (US$m)
Operating Revenue
(US$bn)
Op't Revenue / FO FTE
Headcount (US$m)
$5.6bn $4.7bn
0
9m13
0.5%
0.1%
-0.1%
0.2%
-1.0%
-1.0%
1.3%
-0.1%
-0.2%
0.8%
-0.1%
-0.0%
-0.4%
2.1%
-1.3%
-2.2%
-0.4%
1.5%
1.5%
3.8%
1.2%
-2.1%
1.1%
-4.2%
2.7%
0.0%
-0.05
BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS
mkt
share
gain
mkt
share
loss
Revenue
Pre-Tax Profit

4. Sector
Equities
 In North America, cash equity high-touch volumes remained steady versus 3Q13; low-touch
declined from the March peak, but remained well above the prior-year period. Europe was
subdued in comparison, and APAC declined. In emerging markets, Brazil volumes declined after
the reversal of the rally that had accompanied the elections in the country.
 Flow equity derivatives options volumes grew in both the Americas and Asia; EMEA volumes were
muted. Structured product issuance declined in the US after a strong 1H14; APAC also declined.
 In prime services, banks reported a strong 3Q14; a strong September for securities lending in the
US partly offset the weak June-August volumes. Contrary to what some market commentators
observed, hedge fund balances steadily declined from their June-14 peak.
3.5
3.5
40
Operating Revenue (9m13) (9m14)
$1.4m
$3.3m
$10.7bn
$9.9bn
$17.5bn $16.0bn
$2.4m
3
2.5
2
1.5
1
3
2.5
2
1.5
1
% change share of peer group operating revenue and pre-tax profit (9m14 / 9m13)
35
30
25
20
15
10
5
0.25
0.2
0.15
0.1
0.05
0
-0.05
Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/equivalent and one-offs.
(3) Headcount: Front office full-time equivalent, adjusted for seniority. (4) Pre-tax profit excludes Prop & Principal Investments.
4 / 6 14 November 2014
© Tricumen Limited 2014. All rights reserved.
0.5
0.8 1 1.2
$1.4m
$3.0m
$2.5m
0.5
0.8 1 1.2
EQ Cash
EQ Derv'&
COnverts
Prime
Services
Operating Revenue
(US$bn)
Op't Revenue / FO FTE
Headcount (US$m)
Operating Revenue
(US$bn)
Op't Revenue / FO FTE
Headcount (US$m)
$7.4bn $8.2bn
0
9m13
0.7%
-1.7%
0.8%
-0.2%
-0.3%
0.3%
0.0%
0.5%
-0.3%
0.9%
0.1%
-0.7%
-0.0%
10.4%
0.0%
13.5%
22.8%
-2.3%
-1.5%
5.3%
13.8%
-3.8%
0.0%
0.0%
21.9%
0.0%
-0.1
BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS
mkt
share
gain
mkt
share
loss
Revenue
Pre-Tax Profit

5. Sector
Revenue dynamics
9m14/9m13 (Operating revenue, % change, US$, Global Level 1)
BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS Top 25% Bottom 25%
Capital Markets: Total +2% -8%
Primary +15% +4%
DCM Bonds +8% -9%
DCM Loans +8% -10%
Securitisation +22% +1%
ECM N/M +36% +17%
M&A / Advisory N/M +27% +11%
Secondary +1% -10%
FX +0% -10%
Rates +6% -14%
Credit N/M N/M N/M +6% -13%
Commodities N/M -4% -30%
EQ Cash N/M +5% -17%
EQ Derv & Converts +1% -14%
Prime Services N/M +12% +3%
Prop Trading N/M N/M N/M N/M N/M +12% -23%
Principal Investments N/M N/M N/M N/M N/M N/M N/M N/M +17% -60%
3Q14/3Q13 (Operating revenue, % change, US$, Global Level 1)
BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS Top 25% Bottom 25%
Capital Markets: Total +8% -8%
Primary +19% +1%
DCM Bonds -2% -27%
DCM Loans +5% -9%
Securitisation +17% -8%
ECM N/M +54% +15%
M&A / Advisory N/M +31% -5%
Secondary +6% -10%
FX +39% +2%
Rates +74% -7%
Credit +3% -48%
Commodities N/M +14% -17%
EQ Cash N/M +9% -17%
EQ Derv & Converts +4% -35%
Prime Services N/M +14% +2%
Prop Trading N/M N/M N/M N/M N/M +14% -33%
Principal Investments N/M N/M N/M N/M N/M N/M N/M N/M -23% -88%
Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Arrows show % change in revenue vs peers. Up-
/down-arrows: top-/bottom-quartile. (3) Revenue is post-writedowns, excludes DVA/equivalent and one-offs, as described in
the Company Section.
5 / 6 14 November 2014
© Tricumen Limited 2014. All rights reserved.

6. Sector
About Tricumen
Tricumen was founded in 2008. It quickly became a strong provider of diversified market intelligence
across the capital markets and has since expanded into transaction and corporate banking coverage.
Tricumen’s data has been used by many of the world’s leading investment banks as well as strategy
consulting firms, investment managers and ‘blue chip’ corporations.
Situated near Cambridge in the UK, Tricumen is almost exclusively staffed with senior individuals with
an extensive track record of either working for or analysing banks; and boasts what we believe is the
largest capital markets-focused research network of its peer group.
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sourced to Tricumen and that it does not prejudice Tricumen Limited’s business or compromise the
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given.
Tricumen Limited has used all reasonable care in writing, editing and presenting the information found
in this report. All reasonable effort has been made to ensure the information supplied is accurate and
not misleading. For the purposes of cross- market comparison, all numerical data is normalised in
accordance to Tricumen Limited’s proprietary product classification. Fully-researched dataset may
contain margin of error of 10%; for modelled datasets, this margin may be wider.
The information and commentary provided in this report has been compiled for informational purposes
only. We recommend that independent advice and enquiries should be sought before acting upon it.
Readers should not rely on this information for legal, accounting, investment, or similar purposes. No
part of this report constitutes investment advice, any form of recommendation, or a solicitation to buy
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6 / 6 14 November 2014
© Tricumen Limited 2014. All rights reserved.