2010年4月全球投资银行业研究报告

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【出版时间及名称】：2010年4月全球投资银行业研究报告
        【作者】：汇丰银行
        【文件格式】：pdf
        【页数】：25
        【目录或简介】：


abc
Global Research
 2009 was a record year driven by
elevated volatility, strong volumes
and supernormal margins in FICC
(fixed income sales and trading)
 Accordingly, FICC was the principal
factor in explaining differentials in
companies’ revenue performance
 We were surprised by the relatively
weak performance at Deutsche
Bank, and the very strong
performance at BNP. The data also
highlight potential revenue upside at
UBS and Morgan Stanley
We introduce a new product which focuses on trends
in global CIB revenues. This product is differentiated
from our existing sector material in having a very clear
tabular layout enabling detailed comparative analysis of
the broadest possible range of global companies. We
have extracted the most relevant and comparable figures
from published accounts in order to identify key trends
over time. Finally, we present a large amount of
additional comparable supporting data which should
enable investors to make deeper and more insightful
analysis than headline published data can.
Industry revenues in 2009 were almost certainly
above trend, marking a record year. The key drivers
were supernormal margins and strong volumes in FICC,
as well as strong debt and equity origination.
We analysed core CIB revenue trends for a peer group
of 12 global banks starting from Q1 2007. There is a
large divergence of performance: the stronger players
and opportunistic acquirors took sizeable share, while
the weak generally got weaker.
FICC performance explained most of the gap
between winners and losers. FICC trading represented
nearly 60% of industry revenues and, on an adjusted
individual company basis, ranged from nearly USD24bn
to a loss of USD0.5bn
We discovered some trends which may surprise
investors. For example BNP has been one of the top
performers over the period, whilst Deutsche Bank was
the second worst. Of the dealmakers, JPMorgan Chase
and Barclays have been outperforming Bank of America
more recently.
We identify the following revenue share leaders:
Goldman Sachs, BNP, JPMorgan and Barclays.
Conversely, the revenue share laggards are UBS and
Deutsche Bank.
Finally UBS and Morgan Stanley could benefit
substantially from a recovery in FICC trading revenues
if management can execute effectively. The revenue gap
with peers is running at an estimated USD10bn each,
equivalent to 30-40% of group 2009 revenues.

Methodology 3
Class of 2009 4
Group balance sheets 6
Core adjusted revenues 8
Industry summary 11
Market share trends 13
Appendices 16

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关键词：行业研究报告 投资银行业 研究报告 投资银行 全球投资 研究报告 全球 投资银行业

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