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Banking

Morgan Stanley strong, Citi stutters in Q3 US investment bank results

Morgan Stanley looks best in the third quarter, but was just pipped by Goldman over a longer term analysis

Morgan Stanley put on the strongest showing among the big five US investment banks in the third quarter results season, with the best year-on-year change across four of nine key categories, according to Euromoney's latest analysis.

The bank reported its results today alongside Goldman Sachs, following Bank of America Merrill Lynch, Citigroup and JPMorgan in previous days.

Q318 heatmap2

Of the five, Morgan Stanley showed the best year-on-year progress in group revenues, CIB revenues and profits before tax (PBT), and debt capital markets revenues. Goldman does not report divisional PBT until it files its 10-Q form with the SEC in the coming weeks, but CIB PBT rose 26% at Morgan Stanley while they fell year-on-year at BAML, JPM and Citi.

Citi posted the least impressive year-on-year changes in five categories: group revenues and PBT, CIB PBT, equity capital markets revenues and equity sales and trading. However, it showed the best performance in advisory and fixed income sales and trading, with healthy increases that were in stark contrast to anaemic numbers elsewhere.

Citi was the only bank without an increase in group revenues, but it still managed a small rise in profits, the smallest of the five.


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