The crises that bookended this awards year were drivers of securities services revenue as Russian companies cancelled depositary receipt programmes and volatility following the collapse of Silicon Valley Bank created spikes in securities settlements and US repo volumes.
But in a turbulent period that was also characterized by rising interest rates that boosted net interest income, one bank outperformed in the growth of its business, while continuing to display innovation and enviable service quality. Citi is the world’s best bank for securities services.
Comparing securities services businesses requires caveats, since their profiles can be radically different one firm to another. In absolute revenue terms, Citi sits fourth during the Euromoney awards period. But among the bigger franchises, it has easily grown the most over the period, with a revenue increase of 19%.