First, a graph. There will be lots of these.
![2Q18 graph1 b](https://assets.euromoneydigital.com/dims4/default/9081a86/2147483647/strip/true/crop/680x437+0+0/resize/800x514!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F50%2Fdf%2Ff701010f681255f7a84ea3ca892f%2Fgraph-1-ttm-all-businesses-2.png)
In summary, PBT growth driven by lower costs more than by higher revenues, those costs proving harder to cut in CIB divisions than elsewhere, DCM sort of flat, advisory up a bit, ECM looking great, FICC having a shocker and equities building nicely.
Now for the breakdown – and the usual disclaimers. Numbers are unadjusted wherever possible. Banks’ percentage change figures reflect reporting currency; aggregate changes reflect US dollars. Not all banks report in the same way, or even at all in certain areas (particularly for advisory, ECM and DCM).
Part 2 of our analysis covers DCM, ECM and Advisory. Part 3 on Thursday will look at FICC and Equities.
2Q18 tab2 newGROUP REVENUES
Biggest rise: Societe Generale (24%)
Biggest fall: Bank of America Merill Lynch (-1%)
TTM: UP 2%
Biggest rise: HSBC (18%)
Biggest fall: Deutsche Bank (-9%)
It didn’t quite match the first quarter of the year, but 2Q18 otherwise saw the highest revenues for our band of 12 since 2015, as the total rose 6% year-on-year to $151 billion.