Deutsche's banking analysts aren't the only ones to have looked into the future and seen inchoate nastiness; Morgan Stanley's analysts have had a peer into the ether too and they've also glimpsed formless horrors and the need for further cost cutting.
In a note out today with the subheading, 'weak Q3 underscores restructuring for EU wholesale banks,' Morgan Stanley's banking analysts outline where and why things aren't going so well in investment banking and whose jobs are likely to be at risk as a result. This is what you need to know.
Search firm the Options Group has established that 43% of senior persons in credit sales and trading feel an urgent need to do something else. Morgan Stanley's analysts help explain why. They think fixed income currencies and commodities (FICC) revenues may have fallen by 10-25% year-on-year in the third quarter, and that credit bore the brunt of this.
Spot the happy place in the chart below.
... But you don't want to be working in FICC for a European.