Tricumen / Capital Markets Regions 6m15_open 230815
•
0 likes•256 views
This document summarizes capital markets performance for major banks in EMEA and Americas regions in the first half of 2015. It shows quarterly revenue and pre-tax profit market share changes compared to peers, highlights top and bottom performers in revenue growth by product area, and analyzes operating cost ratios, productivity and profitability metrics.
Recommended
Recommended
More Related Content
What's hot
What's hot (20)
Viewers also liked
Similar to Tricumen / Capital Markets Regions 6m15_open 230815
Similar to Tricumen / Capital Markets Regions 6m15_open 230815 (20)
More from Tricumen Ltd
More from Tricumen Ltd (9)
Recently uploaded
Recently uploaded (20)
Tricumen / Capital Markets Regions 6m15_open 230815
- 1. Sector 1 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. - Capital Markets: Regions 6m15 This publication is supplementary to our quarterly Results Review; it shows banks' capital markets quarterly revenue and semi-annual pre-tax profit and productivity dynamics relative to their peers in major regions. The full dataset includes operating revenue, expenses and pre-tax profit at the Level 3 product detail in 7 regions, as well as normalised client segment revenue allocations, RWA and Equity. All data is reconciled against the published financial statements. Further detail is available on request. EMEA % change share of peer group operating revenue & pre-tax profit (US$, 6m15/6m14) Issuance&AdvisoryFICCEquities Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs, dedicated proprietary trading and principal revenue. (3) Outliers are excluded. 0.2% -0.7% 3.2% -2.4% -1.8% -1.9% 2.6% -0.6% 0.4% 1.8% -0.3% -0.5% 0.0% -0.3% -1.8% 8.4% -6.7% -2.4% -4.3% 3.1% 0.4% 1.0% 3.6% -0.9% 0.1% -0.1% -0.08 -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 0.1 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit 0.6% 0.3% 0.5% -0.0% 0.8% -1.4% 0.1% -0.0% -0.6% 1.1% -1.7% -0.9% 1.2% 1.3% 5.6% 4.0% -5.6% 1.8% -5.6% 1.2% -1.2% -1.2% 2.2% -2.2% -6.7% 6.4% -0.08 -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit -0.1% -2.2% -1.0% -0.8% -0.1% 0.1% 1.6% 0.5% 1.4% 0.6% 0.0% -0.2% 0.1% 6.1% -3.1% -12.9% 2.3% 1.5% -11.3% 4.7% -2.0% 1.0% 1.3% 0.0% 21.8% -9.5% -0.15 -0.1 -0.05 0 0.05 0.1 0.15 0.2 0.25 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit
- 2. Sector 2 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. EMEA (cont.) Operating revenue dynamics (US$, Level 1 products, 6m15/6m14) Source: Tricumen. Notes: (1) Tricumen product definitions apply throughout. (2) Arrows show % change in revenue vs peers. Up-/down-arrows: top-/bottom-quartile. (3) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs and outliers. BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS Top 25% Bottom25% Capital Markets 11% -4% Issuance & Advisory -10% -26% DCM Bonds N/M -2% -34% DCM Loans 0% -39% Securitisation N/M N/M -25% -57% ECM N/M 4% -35% M&A /Advisory N/M N/M 26% -1% Sales & Trading 12% -0% FX 43% -0% Rates N/M 3% -7% Credit N/M -0% -26% Commodities N/M 5% -20% EQ Cash N/M 29% 5% EQ Derv & Converts N/M 40% 6% Prime Services N/M 13% -9% Prop & Princ Inv N/M N/M N/M N/M N/M N/M -16% -34%
- 3. Sector 3 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. EMEA (cont.) Operating cost / income (US$, Level 1 products, 6m14 vs 6m15) Capital Markets Banking FICC Equities Source: Tricumen. Notes: (1) TRIC product definitions, standard deviation, product Level 1; (2) Operating expenses exclude one-off non-operational items, insurance-related benefits & claims, and credit expense/recovery/NPL provisions. Capital expenditure is included as accrued. Litigation expense is allocated to front-line units. (3) positive values indicate outperformance; missing fields indicate that data is not meaningful, or available; (4) outliers are excluded. (5) RBS does not compete in Equities markets. -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 3.0 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS SG UBS 6m15 6m14 Peer Gp Avg
- 4. Sector 4 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. EMEA (cont.) Operating revenue / Front Office headcount (FTE, US$, Level 1 products, 6m15) Capital Markets Banking FICC Equities Source: Tricumen. Notes: (1) TRIC product definitions, standard deviation, product Level 1; (2) positive values indicate outperformance; missing fields indicate that data is not meaningful, or available; (3) outliers are excluded. (4) RBS does not compete in Equities markets. -2.0 -1.0 0.0 1.0 2.0 3.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS SG UBS 6m15 Peer Gp Avg
- 5. Sector 5 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. Americas % change share of peer group operating revenue & pre-tax profit (US$, 6m15/6m14) Issuance&AdvisoryFICCEquities Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs, dedicated proprietary trading and principal revenue. (3) Outliers are excluded. -1.4% -1.0% -1.1% 1.8% -0.1% -0.3% 0.7% 0.0% 2.1% 1.2% -0.8% 0.2% -1.3% 3.7% 1.6% 0.7% 8.1% 6.1% -17.9% -17.8% 0.2% 11.6% 6.0% -1.9% 0.3% -0.9% -0.2 -0.15 -0.1 -0.05 0 0.05 0.1 0.15 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit 0.2% -0.1% 0.0% 0.3% -1.2% -0.3% -0.9% 0.2% 0.5% 1.8% -0.7% -0.0% 0.1% -3.2% 1.1% 1.7% -3.2% -5.8% 1.1% -3.1% 2.0% 7.6% 1.8% 0.4% -1.4% 1.2% -0.08 -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 0.1 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit -0.7% -0.6% -0.9% -0.7% -0.6% -0.8% 0.8% 0.8% 1.4% 2.0% 0.0% -0.4% -0.3% -1.3% 6.2% -6.1% 1.9% 2.8% -13.1% -1.6% 0.1% 2.8% 8.2% 0.0% 4.6% -4.5% -0.15 -0.1 -0.05 0 0.05 0.1 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit
- 6. Sector 6 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. Americas (cont.) Operating revenue dynamics (US$, Level 1 products, 6m15/6m14) Source: Tricumen. Notes: (1) Tricumen product definitions apply throughout. (2) Arrows show % change in revenue vs peers. Up-/down-arrows: top-/bottom-quartile. (3) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs and outliers. BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS Top 25% Bottom 25% Capital Markets 0% -6% Issuance & Advisory N/M 13% -11% DCM Bonds N/M N/M 22% -33% DCM Loans N/M -11% -29% Securitisation N/M 2% -18% ECM N/M N/M N/M 7% -10% M&A /Advisory N/M N/M N/M N/M 48% 9% Sales & Trading -0% -10% FX 19% -13% Rates 4% -5% Credit -22% -44% Commodities N/M N/M N/M N/M -3% -15% EQ Cash N/M N/M 33% 0% EQ Derv & Converts N/M 25% -4% Prime Services N/M N/M 21% 8% Prop & Princ Inv N/M N/M N/M N/M N/M N/M N/M N/M -13% -22%
- 7. Sector 7 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. Americas (cont.) Operating cost / income (US$, Level 1 products, 6m14 vs 6m15) Capital Markets Banking FICC Equities Source: Tricumen. Notes: (1) TRIC product definitions, standard deviation, product Level 1; (2) Operating expenses exclude one-off non-operational items, insurance-related benefits & claims, and credit expense/recovery/NPL provisions. Capital expenditure is included as accrued. Litigation expense is allocated to front-line units. (3) positive values indicate outperformance; missing fields indicate that data is not meaningful, or available; (4) outliers are excluded. (5) RBS does not compete in Equities markets. -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS SG UBS 6m15 6m14 Peer Gp Avg
- 8. Sector 8 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. Americas (cont.) Operating revenue / Front Office headcount (FTE, US$, Level 1 products, 6m15) Capital Markets Banking FICC Equities Source: Tricumen. Notes: (1) TRIC product definitions, standard deviation, product Level 1; (2) positive values indicate outperformance; missing fields indicate that data is not meaningful, or available; (3) outliers are excluded. (4) RBS does not compete in Equities markets. -2.0 -1.0 0.0 1.0 2.0 3.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 3.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 3.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 3.0 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS SG UBS 6m15 Peer Gp Avg
- 9. Sector 9 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. Asia Pacific % change share of peer group operating revenue & pre-tax profit (US$, 6m15/6m14) Issuance&AdvisoryFICCEquities Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs, dedicated proprietary trading and principal revenue. (3) Outliers are excluded. 2.8% -1.4% -1.0% -0.5% -2.2% 0.7% 3.9% 0.7% 0.0% -5.9% 0.5% 1.7% 0.7% 6.0% -3.0% 0.8% -1.7% -3.0% -0.3% 9.0% 0.9% -1.8% -13.3% 0.4% 1.4% 4.7% -0.15 -0.1 -0.05 0 0.05 0.1 0.15 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit 0.0% 0.0% -0.0% 1.9% -0.1% -2.9% -0.6% 1.8% 0.8% 0.8% -1.7% -0.3% 0.2% 1.1% 3.8% 1.1% 5.9% -2.9% -5.5% 0.2% 2.9% -1.6% -0.1% -2.6% -1.3% -1.0% -0.08 -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit -1.3% -1.5% -0.3% -1.7% 0.7% -1.1% 1.2% 3.0% 0.9% 1.1% 0.0% 1.1% -2.0% -1.2% -2.1% -5.0% -0.8% 2.4% -14.7% 7.5% -0.5% 3.0% 6.7% 0.0% 12.0% -7.4% -0.2 -0.15 -0.1 -0.05 0 0.05 0.1 0.15 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit
- 10. Sector 10 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. Asia Pacific (cont.) Operating revenue dynamics (US$, Level 1 products, 6m15/6m14) Source: Tricumen. Notes: (1) Tricumen product definitions apply throughout. (2) Arrows show % change in revenue vs peers. Up-/down-arrows: top-/bottom-quartile. (3) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs and outliers. BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS Top 25% Bottom 25% Capital Markets 4% -10% Issuance & Advisory N/M -6% -41% DCM Bonds N/M -14% -61% DCM Loans 47% -46% Securitisation N/M N/M N/M -32% -71% ECM N/M N/M N/M 10% -45% M&A /Advisory N/M N/M N/M 44% -23% Sales & Trading 15% -3% FX 24% -12% Rates 20% -5% Credit -15% -48% Commodities N/M N/M N/M N/M -9% -25% EQ Cash N/M 31% -3% EQ Derv & Converts N/M 33% 3% Prime Services N/M 24% -15% Prop & Princ Inv N/M N/M N/M N/M N/M N/M N/M N/M N/M N/M -20% -49%
- 11. Sector 11 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. Asia Pacific (cont.) Operating cost / income (US$, Level 1 products, 6m14 vs 6m15) Capital Markets Banking FICC Equities Source: Tricumen. Notes: (1) TRIC product definitions, standard deviation, product Level 1; (2) Operating expenses exclude one-off non-operational items, insurance-related benefits & claims, and credit expense/recovery/NPL provisions. Capital expenditure is included as accrued. Litigation expense is allocated to front-line units. (3) positive values indicate outperformance; missing fields indicate that data is not meaningful, or available; (4) outliers are excluded. (5) RBS does not compete in Equities markets. -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS SG UBS 6m15 6m14 Peer Gp Avg
- 12. Sector 12 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. Asia Pacific (cont.) Operating revenue / Front Office headcount (FTE, US$, Level 1 products, 6m15) Capital Markets Banking FICC Equities Source: Tricumen. Notes: (1) TRIC product definitions, standard deviation, product Level 1; (2) positive values indicate outperformance; missing fields indicate that data is not meaningful, or available; (3) outliers are excluded. (4) RBS does not compete in Equities markets. -2.0 -1.0 0.0 1.0 2.0 3.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 Peer Gp Avg -1.0 0.0 1.0 2.0 3.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS SG UBS 6m15 Peer Gp Avg
- 13. Sector 13 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. 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. Notes & Caveats No part of this document may be reproduced or transmitted in any form by any means without written permission of Tricumen Limited. Such consent is often given, provided that the information released is sourced to Tricumen and that it does not prejudice Tricumen Limited’s business or compromise the company’s ability to analyse the financial markets. Full acknowledgement of Tricumen Limited must be 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 or sell any instrument or to engage in any trading or investment activity or strategy. Tricumen Limited does not provide investment advice or personal recommendation nor will it be deemed to have done so. Tricumen Limited makes no representation, guarantee or warranty as to the suitability, accuracy or completeness of the report or the information therein. Tricumen Limited assumes no responsibility for information contained in this report and disclaims all liability arising from negligence or otherwise in respect of such information. Tricumen Limited is not liable for any damages arising in contract, tort or otherwise from the use of or inability to use this report or any material contained in it, or from any action or decision taken as a result of using the report. © Tricumen Limited 2015. All rights reserved