Tricumen Ltd, profile picture
Uploaded byTricumen Ltd
260 views

Tricumen / Capital Markets Regions 6m15_open 230815

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.

Embed presentation

Download to read offline
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$, 6m15/6m14) Issuance&AdvisoryFICCEquities Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs, dedicated proprietary trading and principal revenue. (3) Outliers are excluded. 0.2% -0.7% 3.2% -2.4% -1.8% -1.9% 2.6% -0.6% 0.4% 1.8% -0.3% -0.5% 0.0% -0.3% -1.8% 8.4% -6.7% -2.4% -4.3% 3.1% 0.4% 1.0% 3.6% -0.9% 0.1% -0.1% -0.08 -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 0.1 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit 0.6% 0.3% 0.5% -0.0% 0.8% -1.4% 0.1% -0.0% -0.6% 1.1% -1.7% -0.9% 1.2% 1.3% 5.6% 4.0% -5.6% 1.8% -5.6% 1.2% -1.2% -1.2% 2.2% -2.2% -6.7% 6.4% -0.08 -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit -0.1% -2.2% -1.0% -0.8% -0.1% 0.1% 1.6% 0.5% 1.4% 0.6% 0.0% -0.2% 0.1% 6.1% -3.1% -12.9% 2.3% 1.5% -11.3% 4.7% -2.0% 1.0% 1.3% 0.0% 21.8% -9.5% -0.15 -0.1 -0.05 0 0.05 0.1 0.15 0.2 0.25 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit
Sector 2 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. EMEA (cont.) Operating revenue dynamics (US$, 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%
Sector 3 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. EMEA (cont.) Operating cost / income (US$, Level 1 products, 6m14 vs 6m15) Capital Markets Banking FICC Equities Source: Tricumen. Notes: (1) TRIC product definitions, standard deviation, product Level 1; (2) Operating expenses exclude one-off non-operational items, insurance-related benefits & claims, and credit expense/recovery/NPL provisions. Capital expenditure is included as accrued. Litigation expense is allocated to front-line units. (3) positive values indicate outperformance; missing fields indicate that data is not meaningful, or available; (4) outliers are excluded. (5) RBS does not compete in Equities markets. -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 3.0 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS SG UBS 6m15 6m14 Peer Gp Avg
Sector 4 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. EMEA (cont.) Operating revenue / Front Office headcount (FTE, US$, 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
Sector 5 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. Americas % change share of peer group operating revenue & pre-tax profit (US$, 6m15/6m14) Issuance&AdvisoryFICCEquities Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs, dedicated proprietary trading and principal revenue. (3) Outliers are excluded. -1.4% -1.0% -1.1% 1.8% -0.1% -0.3% 0.7% 0.0% 2.1% 1.2% -0.8% 0.2% -1.3% 3.7% 1.6% 0.7% 8.1% 6.1% -17.9% -17.8% 0.2% 11.6% 6.0% -1.9% 0.3% -0.9% -0.2 -0.15 -0.1 -0.05 0 0.05 0.1 0.15 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit 0.2% -0.1% 0.0% 0.3% -1.2% -0.3% -0.9% 0.2% 0.5% 1.8% -0.7% -0.0% 0.1% -3.2% 1.1% 1.7% -3.2% -5.8% 1.1% -3.1% 2.0% 7.6% 1.8% 0.4% -1.4% 1.2% -0.08 -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 0.1 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit -0.7% -0.6% -0.9% -0.7% -0.6% -0.8% 0.8% 0.8% 1.4% 2.0% 0.0% -0.4% -0.3% -1.3% 6.2% -6.1% 1.9% 2.8% -13.1% -1.6% 0.1% 2.8% 8.2% 0.0% 4.6% -4.5% -0.15 -0.1 -0.05 0 0.05 0.1 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit
Sector 6 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. Americas (cont.) Operating revenue dynamics (US$, 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%
Sector 7 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. Americas (cont.) Operating cost / income (US$, Level 1 products, 6m14 vs 6m15) Capital Markets Banking FICC Equities Source: Tricumen. Notes: (1) TRIC product definitions, standard deviation, product Level 1; (2) Operating expenses exclude one-off non-operational items, insurance-related benefits & claims, and credit expense/recovery/NPL provisions. Capital expenditure is included as accrued. Litigation expense is allocated to front-line units. (3) positive values indicate outperformance; missing fields indicate that data is not meaningful, or available; (4) outliers are excluded. (5) RBS does not compete in Equities markets. -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS SG UBS 6m15 6m14 Peer Gp Avg
Sector 8 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. Americas (cont.) Operating revenue / Front Office headcount (FTE, US$, 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
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$, 6m15/6m14) Issuance&AdvisoryFICCEquities Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs, dedicated proprietary trading and principal revenue. (3) Outliers are excluded. 2.8% -1.4% -1.0% -0.5% -2.2% 0.7% 3.9% 0.7% 0.0% -5.9% 0.5% 1.7% 0.7% 6.0% -3.0% 0.8% -1.7% -3.0% -0.3% 9.0% 0.9% -1.8% -13.3% 0.4% 1.4% 4.7% -0.15 -0.1 -0.05 0 0.05 0.1 0.15 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit 0.0% 0.0% -0.0% 1.9% -0.1% -2.9% -0.6% 1.8% 0.8% 0.8% -1.7% -0.3% 0.2% 1.1% 3.8% 1.1% 5.9% -2.9% -5.5% 0.2% 2.9% -1.6% -0.1% -2.6% -1.3% -1.0% -0.08 -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit -1.3% -1.5% -0.3% -1.7% 0.7% -1.1% 1.2% 3.0% 0.9% 1.1% 0.0% 1.1% -2.0% -1.2% -2.1% -5.0% -0.8% 2.4% -14.7% 7.5% -0.5% 3.0% 6.7% 0.0% 12.0% -7.4% -0.2 -0.15 -0.1 -0.05 0 0.05 0.1 0.15 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit
Sector 10 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. Asia Pacific (cont.) Operating revenue dynamics (US$, 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%
Sector 11 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. Asia Pacific (cont.) Operating cost / income (US$, Level 1 products, 6m14 vs 6m15) Capital Markets Banking FICC Equities Source: Tricumen. Notes: (1) TRIC product definitions, standard deviation, product Level 1; (2) Operating expenses exclude one-off non-operational items, insurance-related benefits & claims, and credit expense/recovery/NPL provisions. Capital expenditure is included as accrued. Litigation expense is allocated to front-line units. (3) positive values indicate outperformance; missing fields indicate that data is not meaningful, or available; (4) outliers are excluded. (5) RBS does not compete in Equities markets. -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS SG UBS 6m15 6m14 Peer Gp Avg
Sector 12 / 13 23 August 2015 © Tricumen Limited 2015. All rights reserved. Asia Pacific (cont.) Operating revenue / Front Office headcount (FTE, US$, 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
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

More Related Content

PDF
Tricumen / Capital Markets: Results Review 1Q14
byTricumen Ltd
 
PDF
Tricumen FY17 Capital Markets REGIONS_open 030318
byTricumen Ltd
 
PDF
Tricumen / 1Q15 Capital Markets Result Review_open 110515
byTricumen Ltd
 
PDF
Tricumen / Rates markets vignettes 160315
byTricumen Ltd
 
PDF
Tricumen / Capital Markets: Results Review 3Q13/9m13_OPEN
byTricumen Ltd
 
PDF
Tricumen / Capital Markets: Results Review 3Q14
byTricumen Ltd
 
PDF
Tricumen 2Q16 Capital Markes Results Review_open 290816
byTricumen Ltd
 
PDF
Tricumen_3Q16 Wholesale Banking Results Review_OPEN 051216
byTricumen Ltd
 
Tricumen / Capital Markets: Results Review 1Q14
byTricumen Ltd
 
Tricumen FY17 Capital Markets REGIONS_open 030318
byTricumen Ltd
 
Tricumen / 1Q15 Capital Markets Result Review_open 110515
byTricumen Ltd
 
Tricumen / Rates markets vignettes 160315
byTricumen Ltd
 
Tricumen / Capital Markets: Results Review 3Q13/9m13_OPEN
byTricumen Ltd
 
Tricumen / Capital Markets: Results Review 3Q14
byTricumen Ltd
 
Tricumen 2Q16 Capital Markes Results Review_open 290816
byTricumen Ltd
 
Tricumen_3Q16 Wholesale Banking Results Review_OPEN 051216
byTricumen Ltd
 

What's hot

PDF
Tricumen FY16 Capital Markets Regions_open 100317
byTricumen Ltd
 
PDF
Tricumen 3Q17 Wholesale Banking Results Review_OPEN 221117
byTricumen Ltd
 
PDF
Tricumen / Capital Markets: Regions 1Q16_open 260516
byTricumen Ltd
 
PDF
How FIS is leveraging acquisition of Sungard _ Tech Channel MEA
byArun Shankar
 
PDF
Tricumen 4Q16/FY16 Wholesale Banking results review_open 270217
byTricumen Ltd
 
PDF
Tricumen / FY14 Capital Markets: Regions_open 250315
byTricumen Ltd
 
PDF
Tricumen / Capital Markets: Regions 1Q15
byTricumen Ltd
 
PDF
Tricumen 6m17 Capital Markes: Regions_open 300817
byTricumen Ltd
 
PDF
Localiza_Initiate_Oct06
byBernardo Carneiro, CFA
 
PDF
EXFO at BMO Conference Dec13
byEXFO Inc.
 
PDF
3Q09 Results Conference Call
byKianne Paganini
 
PDF
Weg_Initiate_May06
byBernardo Carneiro, CFA
 
PDF
2015_03_02_CABK Investor Day Cheat Sheet
byAndrea Filtri
 
PDF
Tricumen / RWA dynamics FY11-FY14E_070115 open
byTricumen Ltd
 
PDF
Marketing with BMO Capital Markets Oct 2013
byEXFO Inc.
 
PDF
2014_04_08_ISP_The fragrance of CASH
byAndrea Filtri
 
PDF
Tricumen / 4Q14 Capital Markets Result Review_open 050315
byTricumen Ltd
 
PDF
2015_03_13_SAB bid on TSB
byAndrea Filtri
 
PPTX
Continental Europe Equity Flows 2Q 2015
byEvan Bernstein
 
PDF
Ccall 3 q11_ing
byItauRI
 
Tricumen FY16 Capital Markets Regions_open 100317
byTricumen Ltd
 
Tricumen 3Q17 Wholesale Banking Results Review_OPEN 221117
byTricumen Ltd
 
Tricumen / Capital Markets: Regions 1Q16_open 260516
byTricumen Ltd
 
How FIS is leveraging acquisition of Sungard _ Tech Channel MEA
byArun Shankar
 
Tricumen 4Q16/FY16 Wholesale Banking results review_open 270217
byTricumen Ltd
 
Tricumen / FY14 Capital Markets: Regions_open 250315
byTricumen Ltd
 
Tricumen / Capital Markets: Regions 1Q15
byTricumen Ltd
 
Tricumen 6m17 Capital Markes: Regions_open 300817
byTricumen Ltd
 
Localiza_Initiate_Oct06
byBernardo Carneiro, CFA
 
EXFO at BMO Conference Dec13
byEXFO Inc.
 
3Q09 Results Conference Call
byKianne Paganini
 
Weg_Initiate_May06
byBernardo Carneiro, CFA
 
2015_03_02_CABK Investor Day Cheat Sheet
byAndrea Filtri
 
Tricumen / RWA dynamics FY11-FY14E_070115 open
byTricumen Ltd
 
Marketing with BMO Capital Markets Oct 2013
byEXFO Inc.
 
2014_04_08_ISP_The fragrance of CASH
byAndrea Filtri
 
Tricumen / 4Q14 Capital Markets Result Review_open 050315
byTricumen Ltd
 
2015_03_13_SAB bid on TSB
byAndrea Filtri
 
Continental Europe Equity Flows 2Q 2015
byEvan Bernstein
 
Ccall 3 q11_ing
byItauRI
 

Viewers also liked

PPTX
la amistad
byligiainca
 
PDF
Mobile marketing
byJodyC94
 
PPTX
Logo Marketing design
byjackk3727
 
PPTX
Фінансове право україни
byDarina Shama
 
PPT
Бюджетна система України
byKyiv National Economic University
 
PDF
Tricumen / Goldman Sachs Liberty Harbour (GS BDC Inc.)_310113 updated 050315
byTricumen Ltd
 
PPT
131024 производственное планирование как метод решения проблем itsm forum r...
byАндрей Степенко
 
la amistad
byligiainca
 
Mobile marketing
byJodyC94
 
Logo Marketing design
byjackk3727
 
Фінансове право україни
byDarina Shama
 
Бюджетна система України
byKyiv National Economic University
 
Tricumen / Goldman Sachs Liberty Harbour (GS BDC Inc.)_310113 updated 050315
byTricumen Ltd
 
131024 производственное планирование как метод решения проблем itsm forum r...
byАндрей Степенко
 

Similar to Tricumen / Capital Markets Regions 6m15_open 230815

PDF
Tricumen / FY15 Capital Markets: Regions_open 080316
byTricumen Ltd
 
PDF
Tricumen 6m16 Capital Markets Results Review_Regions_OPEN 010916
byTricumen Ltd
 
PDF
Tricumen 9m16 Capital Markets Regions_OPEN 121216
byTricumen Ltd
 
PDF
Tricumen 1Q17 Capital Markets: Regions_310517
byTricumen Ltd
 
PDF
Tricumen / Regions FY13
byTricumen Ltd
 
PDF
Tricumen / 1Q16 Capital Markets Results Review_open
byTricumen Ltd
 
PDF
Tricumen / Capital Markets: Results Review 2Q14 / 6m14
byTricumen Ltd
 
PDF
Tricumen 4Q17/FY17 wholesale Banking results_open 260218
byTricumen Ltd
 
PDF
Tricumen / Capital Markets Revenue & Profit rankings FY14_open 230315
byTricumen Ltd
 
PDF
Tricumen / Capital Markets: Results Review 4Q13/FY13_OPEN
byTricumen Ltd
 
PDF
Tricumen / Barclays Investment Bank_extending the cuts_151215
byTricumen Ltd
 
PDF
Tricumen / Capital Markets Profit drivers Nov-13
byTricumen Ltd
 
PDF
The top 6 canadian banks selected indicators of fy 2015 results - d pershad...
byDeepak Pershad
 
PDF
Tricumen / Canadian Commercial Banking 27-Feb-14
byTricumen Ltd
 
PDF
The top 6 canadian banks selected indicators of q1 2015 results - d pershad...
byDeepak Pershad
 
PDF
Tricumen / Rates markets: A perfect storm_200614
byTricumen Ltd
 
PDF
Tricumen / Banks: Credit Suisse Prime Service, IB targets & achievements
byTricumen Ltd
 
PDF
Tricumen / M&A boutiques vs globals_101215
byTricumen Ltd
 
PDF
Tricumen's Products_open May-15
byTricumen Ltd
 
PDF
The top 6 canadian banks selected indicators of q1 2014 results - d pershad
byDeepak Pershad
 
Tricumen / FY15 Capital Markets: Regions_open 080316
byTricumen Ltd
 
Tricumen 6m16 Capital Markets Results Review_Regions_OPEN 010916
byTricumen Ltd
 
Tricumen 9m16 Capital Markets Regions_OPEN 121216
byTricumen Ltd
 
Tricumen 1Q17 Capital Markets: Regions_310517
byTricumen Ltd
 
Tricumen / Regions FY13
byTricumen Ltd
 
Tricumen / 1Q16 Capital Markets Results Review_open
byTricumen Ltd
 
Tricumen / Capital Markets: Results Review 2Q14 / 6m14
byTricumen Ltd
 
Tricumen 4Q17/FY17 wholesale Banking results_open 260218
byTricumen Ltd
 
Tricumen / Capital Markets Revenue & Profit rankings FY14_open 230315
byTricumen Ltd
 
Tricumen / Capital Markets: Results Review 4Q13/FY13_OPEN
byTricumen Ltd
 
Tricumen / Barclays Investment Bank_extending the cuts_151215
byTricumen Ltd
 
Tricumen / Capital Markets Profit drivers Nov-13
byTricumen Ltd
 
The top 6 canadian banks selected indicators of fy 2015 results - d pershad...
byDeepak Pershad
 
Tricumen / Canadian Commercial Banking 27-Feb-14
byTricumen Ltd
 
The top 6 canadian banks selected indicators of q1 2015 results - d pershad...
byDeepak Pershad
 
Tricumen / Rates markets: A perfect storm_200614
byTricumen Ltd
 
Tricumen / Banks: Credit Suisse Prime Service, IB targets & achievements
byTricumen Ltd
 
Tricumen / M&A boutiques vs globals_101215
byTricumen Ltd
 
Tricumen's Products_open May-15
byTricumen Ltd
 
The top 6 canadian banks selected indicators of q1 2014 results - d pershad
byDeepak Pershad
 

Recently uploaded

PPTX
Big Data Analytics Introduction & Applications.pptx
byprabha345213
 
PPTX
Sales_Analysis_Presentation.pptx dashboard
bydheerendras984
 
PDF
data data data data data data data data data
byMarwan Hadid
 
PPT
dnkfgkjcjgkdkfjjyrdoejmmb,ktoyiu0ilfseikk
byGhulamRasool214870
 
PPTX
Artificial-Intelligence (AI)pptx21212121
byinfoedweep007
 
PDF
01IntroDATAMINGINGEXPORECLASS1INTRODUCTIO.pdf
byanhdph252
 
PPTX
GLOBAL TREND CH-2 Power Point new chapter .pptx
bytechnologyn387
 
PPTX
1-FUEL IN A DIESEL ENGINE UNDERSTANDING AND KNOWLEDGE CONCEPTS
byMarkFenwick10
 
PPTX
North_Bengal_Building_Consultant_Presentation.pptx
byBiswajeetSengupta2
 
PDF
Airport Familiarization.pdffffffffffffffff
byamreentahamaqbool8b
 
PPT
unit-3 Introduction to drawing and instruments part-2.ppt
byalemayehuc1
 
PDF
5813832bxjdjjd26-Case-Study-Autosaved.pdf
bypagibac371
 
PDF
Douglas-Peucker Algorithm : how works in Deswik
by😀 Shahrokh Paravarzar, PhD, E.I.T
 
PPTX
2ai_mockinterview.pptx hjijjjjjjjjjnhhbh
bypankajponia112
 
PDF
AI 30.pdf Practical Insights from CA Suvidha Chaplot for AI Implementation in...
byCA Suvidha Chaplot
 
PPTX
ENTERISE BUSINESS-Poly Students 19-05-2023.pptx
byagmgrpsmr
 
PPTX
Feature Extraction in Feature engineering.pptx
bysimaney145
 
PPTX
Print versus Digital:A discussion of differences
byvillagonzadonna
 
PPT
unit-3 Introduction to drawing part-1.ppt
byalemayehuc1
 
PPTX
How to Increase Govt. Local Body Revenue
byNavpal Singh
 
Big Data Analytics Introduction & Applications.pptx
byprabha345213
 
Sales_Analysis_Presentation.pptx dashboard
bydheerendras984
 
data data data data data data data data data
byMarwan Hadid
 
dnkfgkjcjgkdkfjjyrdoejmmb,ktoyiu0ilfseikk
byGhulamRasool214870
 
Artificial-Intelligence (AI)pptx21212121
byinfoedweep007
 
01IntroDATAMINGINGEXPORECLASS1INTRODUCTIO.pdf
byanhdph252
 
GLOBAL TREND CH-2 Power Point new chapter .pptx
bytechnologyn387
 
1-FUEL IN A DIESEL ENGINE UNDERSTANDING AND KNOWLEDGE CONCEPTS
byMarkFenwick10
 
North_Bengal_Building_Consultant_Presentation.pptx
byBiswajeetSengupta2
 
Airport Familiarization.pdffffffffffffffff
byamreentahamaqbool8b
 
unit-3 Introduction to drawing and instruments part-2.ppt
byalemayehuc1
 
5813832bxjdjjd26-Case-Study-Autosaved.pdf
bypagibac371
 
Douglas-Peucker Algorithm : how works in Deswik
by😀 Shahrokh Paravarzar, PhD, E.I.T
 
2ai_mockinterview.pptx hjijjjjjjjjjnhhbh
bypankajponia112
 
AI 30.pdf Practical Insights from CA Suvidha Chaplot for AI Implementation in...
byCA Suvidha Chaplot
 
ENTERISE BUSINESS-Poly Students 19-05-2023.pptx
byagmgrpsmr
 
Feature Extraction in Feature engineering.pptx
bysimaney145
 
Print versus Digital:A discussion of differences
byvillagonzadonna
 
unit-3 Introduction to drawing part-1.ppt
byalemayehuc1
 
How to Increase Govt. Local Body Revenue
byNavpal Singh
 

Tricumen / Capital Markets Regions 6m15_open 230815

  • 1.
    Sector 1 / 1323 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$, 6m15/6m14) Issuance&AdvisoryFICCEquities Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs, dedicated proprietary trading and principal revenue. (3) Outliers are excluded. 0.2% -0.7% 3.2% -2.4% -1.8% -1.9% 2.6% -0.6% 0.4% 1.8% -0.3% -0.5% 0.0% -0.3% -1.8% 8.4% -6.7% -2.4% -4.3% 3.1% 0.4% 1.0% 3.6% -0.9% 0.1% -0.1% -0.08 -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 0.1 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit 0.6% 0.3% 0.5% -0.0% 0.8% -1.4% 0.1% -0.0% -0.6% 1.1% -1.7% -0.9% 1.2% 1.3% 5.6% 4.0% -5.6% 1.8% -5.6% 1.2% -1.2% -1.2% 2.2% -2.2% -6.7% 6.4% -0.08 -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit -0.1% -2.2% -1.0% -0.8% -0.1% 0.1% 1.6% 0.5% 1.4% 0.6% 0.0% -0.2% 0.1% 6.1% -3.1% -12.9% 2.3% 1.5% -11.3% 4.7% -2.0% 1.0% 1.3% 0.0% 21.8% -9.5% -0.15 -0.1 -0.05 0 0.05 0.1 0.15 0.2 0.25 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit
  • 2.
    Sector 2 / 1323 August 2015 © Tricumen Limited 2015. All rights reserved. EMEA (cont.) Operating revenue dynamics (US$, 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 / 1323 August 2015 © Tricumen Limited 2015. All rights reserved. EMEA (cont.) Operating cost / income (US$, Level 1 products, 6m14 vs 6m15) Capital Markets Banking FICC Equities Source: Tricumen. Notes: (1) TRIC product definitions, standard deviation, product Level 1; (2) Operating expenses exclude one-off non-operational items, insurance-related benefits & claims, and credit expense/recovery/NPL provisions. Capital expenditure is included as accrued. Litigation expense is allocated to front-line units. (3) positive values indicate outperformance; missing fields indicate that data is not meaningful, or available; (4) outliers are excluded. (5) RBS does not compete in Equities markets. -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 3.0 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS SG UBS 6m15 6m14 Peer Gp Avg
  • 4.
    Sector 4 / 1323 August 2015 © Tricumen Limited 2015. All rights reserved. EMEA (cont.) Operating revenue / Front Office headcount (FTE, US$, 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 / 1323 August 2015 © Tricumen Limited 2015. All rights reserved. Americas % change share of peer group operating revenue & pre-tax profit (US$, 6m15/6m14) Issuance&AdvisoryFICCEquities Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs, dedicated proprietary trading and principal revenue. (3) Outliers are excluded. -1.4% -1.0% -1.1% 1.8% -0.1% -0.3% 0.7% 0.0% 2.1% 1.2% -0.8% 0.2% -1.3% 3.7% 1.6% 0.7% 8.1% 6.1% -17.9% -17.8% 0.2% 11.6% 6.0% -1.9% 0.3% -0.9% -0.2 -0.15 -0.1 -0.05 0 0.05 0.1 0.15 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit 0.2% -0.1% 0.0% 0.3% -1.2% -0.3% -0.9% 0.2% 0.5% 1.8% -0.7% -0.0% 0.1% -3.2% 1.1% 1.7% -3.2% -5.8% 1.1% -3.1% 2.0% 7.6% 1.8% 0.4% -1.4% 1.2% -0.08 -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 0.1 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit -0.7% -0.6% -0.9% -0.7% -0.6% -0.8% 0.8% 0.8% 1.4% 2.0% 0.0% -0.4% -0.3% -1.3% 6.2% -6.1% 1.9% 2.8% -13.1% -1.6% 0.1% 2.8% 8.2% 0.0% 4.6% -4.5% -0.15 -0.1 -0.05 0 0.05 0.1 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit
  • 6.
    Sector 6 / 1323 August 2015 © Tricumen Limited 2015. All rights reserved. Americas (cont.) Operating revenue dynamics (US$, 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 / 1323 August 2015 © Tricumen Limited 2015. All rights reserved. Americas (cont.) Operating cost / income (US$, Level 1 products, 6m14 vs 6m15) Capital Markets Banking FICC Equities Source: Tricumen. Notes: (1) TRIC product definitions, standard deviation, product Level 1; (2) Operating expenses exclude one-off non-operational items, insurance-related benefits & claims, and credit expense/recovery/NPL provisions. Capital expenditure is included as accrued. Litigation expense is allocated to front-line units. (3) positive values indicate outperformance; missing fields indicate that data is not meaningful, or available; (4) outliers are excluded. (5) RBS does not compete in Equities markets. -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS SG UBS 6m15 6m14 Peer Gp Avg
  • 8.
    Sector 8 / 1323 August 2015 © Tricumen Limited 2015. All rights reserved. Americas (cont.) Operating revenue / Front Office headcount (FTE, US$, 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 / 1323 August 2015 © Tricumen Limited 2015. All rights reserved. Asia Pacific % change share of peer group operating revenue & pre-tax profit (US$, 6m15/6m14) Issuance&AdvisoryFICCEquities Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs, dedicated proprietary trading and principal revenue. (3) Outliers are excluded. 2.8% -1.4% -1.0% -0.5% -2.2% 0.7% 3.9% 0.7% 0.0% -5.9% 0.5% 1.7% 0.7% 6.0% -3.0% 0.8% -1.7% -3.0% -0.3% 9.0% 0.9% -1.8% -13.3% 0.4% 1.4% 4.7% -0.15 -0.1 -0.05 0 0.05 0.1 0.15 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit 0.0% 0.0% -0.0% 1.9% -0.1% -2.9% -0.6% 1.8% 0.8% 0.8% -1.7% -0.3% 0.2% 1.1% 3.8% 1.1% 5.9% -2.9% -5.5% 0.2% 2.9% -1.6% -0.1% -2.6% -1.3% -1.0% -0.08 -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit -1.3% -1.5% -0.3% -1.7% 0.7% -1.1% 1.2% 3.0% 0.9% 1.1% 0.0% 1.1% -2.0% -1.2% -2.1% -5.0% -0.8% 2.4% -14.7% 7.5% -0.5% 3.0% 6.7% 0.0% 12.0% -7.4% -0.2 -0.15 -0.1 -0.05 0 0.05 0.1 0.15 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit
  • 10.
    Sector 10 / 1323 August 2015 © Tricumen Limited 2015. All rights reserved. Asia Pacific (cont.) Operating revenue dynamics (US$, 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 / 1323 August 2015 © Tricumen Limited 2015. All rights reserved. Asia Pacific (cont.) Operating cost / income (US$, Level 1 products, 6m14 vs 6m15) Capital Markets Banking FICC Equities Source: Tricumen. Notes: (1) TRIC product definitions, standard deviation, product Level 1; (2) Operating expenses exclude one-off non-operational items, insurance-related benefits & claims, and credit expense/recovery/NPL provisions. Capital expenditure is included as accrued. Litigation expense is allocated to front-line units. (3) positive values indicate outperformance; missing fields indicate that data is not meaningful, or available; (4) outliers are excluded. (5) RBS does not compete in Equities markets. -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS 6m15 6m14 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS SG UBS 6m15 6m14 Peer Gp Avg
  • 12.
    Sector 12 / 1323 August 2015 © Tricumen Limited 2015. All rights reserved. Asia Pacific (cont.) Operating revenue / Front Office headcount (FTE, US$, 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 / 1323 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