The sharp slowdown in investment banking in the second quarter; the shuttering of IPO markets almost everywhere aside from the Middle East; banks’ struggles to shift leveraged finance and high yield inventory; and the challenge even for investment-grade bond issuers to scramble through narrow issuance windows; these have all been obvious to investors in bank stock for weeks.
So, when JPMorgan and Morgan Stanley kicked off the second-quarter earnings season yesterday (July 14), nobody should have been surprised to see investment banking revenues 55% lower than in the second quarter of 2021 at Morgan Stanley and 61% down at JPMorgan.
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