The first quarter may seem a long way away, coming as it did before the UK general elections and the bond market rout. However, if you’re still interested in a retrospective view on how banks began 2015 on a business-by-business basis, you might want to look at the chart below, produced by financial services market intelligence firm Tricumen.
As the chart shows, there are very few banks that increased their revenues overall across IBD (primary markets) and sales and trading (secondary markets). The only three in this category are Goldman Sachs, Morgan Stanley and UBS.
There were no banks that increased revenues across all product areas in sales and trading – although UBS came close. And there were no banks that increased revenues across all product areas in IBD – although J.P. Morgan managed to increase revenues in some and to hold revenues stable in the rest.
And the biggest lower in Q1? RBS, clearly.