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Investment banks in 2Q18, part 1: group and CIB

With HSBC having reported on Monday, the last of the 2Q18 results are in for the 12 main global corporate and investment banks; now for part 1 of our number-crunch

First, a graph. There will be lots of these.

2Q18 graph1 b

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 new

2Q18: UP 6%
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.

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