When accounting anomalies are stripped out, these are the banks - by business - that really performed in 2011

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Winners, or not

Jon Peace, an MD of banks research at Nomura, has kindly shared with us his clean figures on leading banks’ performance by business areas in 2011, with the effects of DVA stripped out.

They provide a reliable indication of which banks’ businesses really outperformed in 2011 and which banks’ businesses really didn’t. There are some surprises: UBS did fairly well, Barclays didn’t. Credit Suisse’s clean investment banking revenues fell by nearly one third last year.

Should you wish, you could extrapolate from this which businesses might be good to work for, and which businesses need serious attention in the months to come.

Equities sales and trading:

Market average:

On average, equities sales and trading revenues fell 10% last year vs. 2010

Out-performers:

1. Goldman Sachs (equities revenue reduction of -0.2% year-on-year)

2.  JPMorgan (equities revenue reduction of 4.3% year-on-year)

3.  Bank ofAmerica( equities revenue reduction of 9.6% year-on-year)

Under-performers:

1. Citigroup (equities revenue reduction of 35.3% year-on-year)

2.  Credit Suisse (equities revenue reduction of 24.9% year-on-year)

3.  Deutsche Bank (equities revenue reduction of 24% year-on-year)

4.  UBS (equities revenue reduction of 14% year-on-year)

5.  Barclays (equities revenue reduction of 14% year-on-year)

Fixed income, currencies and commodities, sales and trading:

Market average:

On average, clean FICC sales and trading revenues fell 25.7% last year vs. 2010

Out-performers:

1. JPMorgan (FICC revenue increase of 0.3% year-on-year)

2. UBS (FICC revenue decrease of 7.8% year-on-year)

3.  Deutsche (FICC revenue decrease of 18.9% year-on-year)

4.  Morgan Stanley (FICC revenue decrease of 21.6% year-on-year)

5.  Citigroup (FICC revenue decrease of 23.6% year-on-year)

Underperformers:

1.  Credit Suisse (FICC revenue decrease of 38.9% year-on-year)

2.  Bank ofAmerica(FICC revenue decrease of 36.8% year-on-year)

3.  Goldman Sachs (FICC revenue decrease of 35.1% year-on-year)

4.   Barclays (FICC revenue decrease of 27.2% year-on-year)

M&A and underwriting

Market average:

On average, M&A and underwriting revenues fell 11.2% last year vs. 2010

Out-performers:

1. Morgan Stanley (M&A/UW revenues fell 1.6% year-on-year)

2. Bank ofAmerica(M&A/UW revenues fell 3% year-on-year)

3. JPMorgan (M&A/UW revenues fell 5.3% year-on-year)

4. Goldman Sachs (M&A/UW revenues fell 9.5% year-on-year)

5. Barclays (M&A/UW revenues fell 9.6% year-on-year)

6. Deutsche (M&A/UW revenues fell 9.8% year-on-year)

Under-performers:

1.  UBS (M&A/UW revenue decrease of 43.2% year-on-year)

2.   Citigroup (M&A/UW revenue decrease of 13.5% year-on-year)

3.   Credit Suisse (M&A/UW revenue decrease of 24.7% year-on-year)

Top performers overall for 2011 (across equities, FICC and M&A/UW):

1.  JPMorgan: Clean revenues down 1.9% year-on-year

2.   Morgan Stanley: Clean revenues down 2.3% year-on-year

3.   UBS: Clean revenues down 17.2% year-on-year

4.   Deutsche: Clean revenues down 18.5% year-on-year

5.   Goldman Sachs: Clean revenues down 19.6% year-on-year

6.   Barclays: Clean revenues down 22.1% year-on-year

7.   Bank ofAmerica: Clean revenues down 23.6% year-on-year

8.    Credit Suisse: Clean revenues down 30.5% year-on-year

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