We are continuing to mine the trove of information that is the new banking report from JPMorgan. Included within it are the following excellent tables on the expected market shares of each bank globally by product area in 2013 (note that JPMorgan itself is absent).
Needless to say, the industry is dominated by a few names. But the big players have areas of notable weakness and the small players have pockets of notable strength. Hence, Goldman Sachs is strong in credit trading and commodities but weak in emerging markets trading. Deutsche remains far weaker in equities and investment banking than fixed income. Citi and BarCap could still benefit from improving their equities market share. Morgan Stanley has yet to recover from pulling back from fixed income trading in 2008. And Credit Suisse’s market share in credit and commodities is disproportionately low.
Meanwhile, SocGen is a colossus in equity derivatives, but nowhere else. And for all their recent hiring, Jefferies and RBC continue to dabble at the margins in each of the markets they’re active in. (Click on the tables below in order to see them more clearly)