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Morgan Stanley’s new guide to the best European banks to work for

Now that banks’ third quarter results are a thing of the past, Morgan Stanley’s European investment banking analysts have had time to digest their implications. And after doing so, they’ve produced a report which reiterates our earlier conclusions: HSBC looks like the best European investment bank to work for now; Deutsche Bank and Barclays look like the worst.

Morgan Stanley’s findings can be summarized in the eight charts below. The four at the bottom are the most interesting – particularly those pertaining to sales and trading, where market share is expected to become increasingly concentrated over the next year as MiFID II takes effect.  

1. HSBC is the biggest European investment bank by revenues across the investment banking division and sales and trading 

Total investment banking revenues, third quarter 2017

Header 3

Top european investment banks

2. U.S. banks dominate the investment banking division league tables. HSBC is the best European

Investment banking division (IBD)

revenues, third quarter 2017

IBD revenues Q3 Morgan Stanley

Source: Morgan Stanley

3. UBS is the top European bank for equities sales and trading, but not the top bank overall 

Equities sales and trading revenues, third quarter 2017

Header 3

Morgan STanley equities q3

Source: Morgan Stanley

4. HSBC is also the top European bank for fixed income sales and trading 

Fixed income sales and trading revenues, third quarter 2017

Header 3

HSBC fixed income top

Source: Morgan Stanley

5. The investment banking divisions of UBS and Credit Suisse are gaining market share. Those of Deutsche, Barclays, HSBC (and Goldman Sachs) are not 

IBD market share

6. Beware the equities sales and trading divisions of Barclays and Deutsche Bank 

Equities market share 2

7. Beware the fixed income sales and trading divisions of Deutsche Bank and Barclays too  

Ficc market shares 3

8. Beware Deutsche’s investment bank as a whole. Choose HSBC (or Citi, or Bank of America) instead 

IBD market share

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com

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