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“Morgan Stanley and UBS absolutely missed the low-hanging fruit of 2009 but they cannot cede that business to their competitors” Steve Stelmach, FBR Capital |
Earnings results for the fourth quarter across Wall Street confirmed the continuing decline in fixed-income trading revenues. JPMorgan, in particular, reported large declines in revenue for the quarter. Its fixed-income trading business brought in just $2.7 billion – in the previous three quarters revenues had been around $5 billion. Goldman Sachs, which led Wall Street in FICC trading over the first three quarters of 2009 also posted a substantial drop, with revenues of $3.97
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