Tricumen, a financial services research consultancy company set up by a former head of strategy for EMEA at JPMorgan, has produced an exemplary report on the performance of the top 11 banks in the third quarter and year to date.
We've taken the most interesting tables and embedded them in this article below. The first shows which banks have increased revenues and in which business areas during 2011 year- to-date. The second shows which banks are over-reliant on particular (possibly dying) revenue streams.
Unfortunately, you'll need to view the tables on a computer where Flickr isn't firewalled (Flickr being where we currently host our images).
For those who can't see the tables, here are some of the salient facts:
- Credit Suisse, Goldman Sachs and Morgan Stanley outperformed in terms of DCM revenues during the first nine months of the year
- Goldman Sachs, Morgan Stanley and JPMorgan outperformed in terms of loan origination and syndication revenues.
- BarCap, BNP Paribas and Credit Suisse outperformed in securitisation.
- BarCap, BNP and Deutsche outperformed in ECM revenues.
- BarCap, BNP and UBS outperformed in M&A revenues.
Basically, you get the point. In the first nine months of this year, most business areas at most banks underperformed. If you work in one that didn't, you're doing well. In general, each bank only had two or three areas of outperformance. Morgan Stanley seems to have done comparatively well all around. BAML seems to have done comparatively badly all round.
The second table suggests you might want to be working for Credit Suisse, which has an admirably diverse set of investment banking revenues. Conversely, you might want to avoid Citigroup, which looks even more reliant on FICC revenues than Deutsche or JPMorgan.
Revenues by business area year-to-date
Revenues distribution by bank