Year-to-date performance in equities, FICC and IBD: who does and doesn't deserve to get paid for 2012

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Who's winning the race

Who's winning the race? (Photo credit: Wikipedia)

Now that most banks have revealed their results for the first three quarters of 2012, it's possible to assess which did well and which didn't on a business-by-business basis.

As ever, Jon Peace, Nomura's European banks analyst has provided us with his 'clean' figures (excluding DVA) for global revenues across nine big banks (Barclays, Goldman Sachs, Deutsche, UBS, Morgan Stanley, JPMorgan, Citigroup, Bank of America, and Credit Suisse).  We've compared this year's revenues by business with last year's, using the currencies each bank reported them in to avoid exchange rate effects.

This provides a helpful insight into which businesses gained market share this year and which businesses didn't. The results are below. Key takeaways include the fact that Morgan Stanley's fixed income sales and trading business really isn't doing very well (although neither is JPMorgan's), that Andrea Orcel seems to be effecting good things at UBS's investment banking division (he only arrived in July but revenues were up 78% year-on-year in the third quarter) and that Bank of America's big M&A hiring hasn't made much difference to the overall performance of its IBD business this year.

We would like to suggest that the rankings below are an indication of who should get paid and who should get punished. Deutsche's equity bankers, Bank of America's FICC bankers and UBS's IBD bankers can thank us.

Equities: percentage change in own currency 'clean' revenues, ytd 2012 vs. ytd 2011

1. Deutsche Bank: +5%

2. Barclays: +4%

3. Credit Suisse: + 3%

4. JPMorgan: -3%

5. Goldman Sachs: -4%

6. Citi: -10%

7. Morgan Stanley: -14%

8. UBS: -16%

9. Bank of America: -18%

Fixed income, currencies and commodities: percentage change in own currency 'clean' revenues, ytd 2012 vs. ytd 2011

1. Bank of America: + 35%

2. Credit Suisse: + 31%

3. Citigroup: + 23%

4. Goldman Sachs: + 14%

5. Barclays: + 11%

6. Deutsche Bank: + 10%

7. UBS: +8%

8. Morgan Stanley: + 1%

9. JPMorgan: 0%

Investment banking division (capital markets and M&A): percentage change in own currency 'clean' revenues, ytd 2012 vs. ytd 2011

1. UBS: +5%

2. Goldman Sachs: +1%

3. Deutsche Bank: +1%

4. Citigroup: -1%

5. Barclays: -2%

6. Credit Suisse: -9%

7: JPMorgan: -15%

8. Morgan Stanley: -19%

9. Bank of America: -20%

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