Morgan Stanley's fixed income currencies and commodities (FICC) business hasn't been doing too well: revenues fell 14% year-on-year in the fourth quarter and the house of Gorman has given up its FICC revenue aspirations and will be concentrating strictly on improving its return on equity from now on.
And yet, however uncertain Morgan Stanley's FICC future seems, Deutsche Bank's is arguably looking a little more so.
FICC is a core business for Deutsche. Co-chief executive Anshu Jain is a FICC man. Along with JPMorgan, Deutsche is one of the biggest players in the FICC market and has historically accounted for around 10% of FICC global revenues.
Not any more. Huw Van Steenis, head of European financials research at Morgan Stanley, has produced the following chart showing the evolution of Deutsche's FICC market share. It doesn't look good and it may not get better - Van Steenis is predicting that Deutsche will continue to lose share in 2014.