Business-by-business and bank-by-bank, here's who deserves to get paid and punished for performance in the second quarter
Now that most banks' second quarter results are out, their performance can be subjected to scrutiny on a business-by-business basis vs. their rivals.
As ever, we are assisted in this by Jon Peace - Nomura's European banks' analyst, who has provided us with clean comparative figures for the major businesses (in each bank's home currency) in the second quarter. These are presented graphically below.
In summary, and all other things (Eg. risk appetite) being equal, Q2 results suggest that:
Payment is warranted for...
Equities sales and trading professionals at Deutsche and Credit Suisse, FICC sales and trading professionals at Credit Suisse and Goldman, M&A professionals at BarCap. All have gained market share in the second quarter (even if their revenues have declined).
Punishment is warranted for...
Equities sales and trading professionals at BNP Paribas and Morgan Stanley, FICC professionals at Morgan Stanley, M&A bankers at JPMorgan. All have lost market share in the second quarter. JPMorgan's investment bankers have done especially badly.