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Capital Markets

What they said about CIB in 2Q19: a guide to bank results

Didn’t have time to go through your investment banking rivals’ results announcements? Don’t worry, we’ve done it for you, business by business.

Most of the corporate and investment banking (CIB) earnings commentary from banks this quarter was on their markets businesses, rather than debt and equity capital markets (DCM and ECM).

The latter were mostly a little weaker than the previous year. Pipelines were often seen as more muted heading into the second half of the year, partly for seasonal reasons but also on fewer acquisition-financing opportunities as well as continuing concerns over trade. However, the changing rate environment was seen as potentially spurring new issuance in DCM.

Investment bank quarterly heatmaps

numbers are percentage change for 2Q19 vs 2Q18 and for latest 12-month period vs previous period

2Q19 heatmap 1b 780px

2Q19 heatmap 2b

1 CIB is ICS+IB at GS, IS at MS, GB+GM at BAML, CIB at JPM, ICG at Citi, CIB at DB, CIB at BARC, IB at UBS, GBM at HSBC, GMIS+F&A at SG, CIB-related at CS, CIB at BNPP

2 BARC, BNPP, SG and HSBC do not break out DCM/ECM/Adv revenues

Source: Euromoney, bank results announcements


[ jump to: FICC | Equities | ECM | DCM | Advisory ]

What they said about…CIB

(Percentage change figures are 2Q19 vs 2Q18, then last 12 months vs prior 12 months)

Bank of America Merrill Lynch (BAML) (flat, -2%): Best earnings quarter ever.




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