Tricumen FY17 Capital Markets REGIONS_open 030318
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Capital Markets: Regions FY17 This publication is supplementary to our quarterly Results Review; it shows banks' capital markets quarterly revenue and semi-annual pre-tax profit and productivity dynamics relative to their peers in major regions. The full dataset includes operating revenue, expenses and pre-tax profit at the Level 3 product detail in 7 regions, as well as normalised client segment revenue allocations, RWA and Equity. All data is reconciled against the published financial statements. Further detail is available on request.
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Tricumen FY17 Capital Markets REGIONS_open 030318
- 1. Sector 1 / 11 3 March 2018 © Tricumen Limited 2018. All rights reserved. - Capital Markets: Regions FY17 This publication is supplementary to our quarterly Results Review; it shows banks' capital markets quarterly revenue and semi-annual pre-tax profit and productivity dynamics relative to their peers in major regions. The full dataset includes operating revenue, expenses and pre-tax profit at the Level 3 product detail in 7 regions, as well as normalised client segment revenue allocations, RWA and Equity. All data is reconciled against the published financial statements. Further detail is available on request. Summary Regional revenue pools and dynamics (US$, Level 1 products) Source: Tricumen. Notes: (1) Tricumen product definitions apply throughout. (2) The size of revenue pools and growth rates is based on Top 13 banks and relative to all product areas shown. Outliers are excluded and coloured white. Dark green = top- quartile revenue pool and y/y growth. Light green and orange = 2nd/3rd quartile revenue pool and y/y growth. Red = lowest revenue pool and y/y growth. (3) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs and outliers. EMEA AMER APAC EMEA AMER APAC Capital Markets Issuance & Advisory DCM Bonds DCM Loans Securitisation ECM M&A / Advisory Sales & Trading FX Rates Credit Commodities EQ Cash EQ Derv & Converts Prime Services Prop & Princ Inv excluded excluded excluded Top 13 total revenue (US$m): FY17 % Growth / decline in Top 13 revenue pools (US$m): FY17 / FY16
- 2. Sector 2 / 11 3 March 2018 © Tricumen Limited 2018. All rights reserved. EMEA % change share of peer group operating revenue & pre-tax profit (US$, FY17/FY16) Issuance&AdvisoryFICCEquities Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs, dedicated proprietary trading and principal revenue. (3) Outliers are excluded. 2.2% -1.2% -0.8% -0.0% -0.5% 1.4% -1.0% 0.1% 1.3% 0.6% -0.3% -0.8% -1.0% 2.8% -2.4% 0.7% 2.3% -1.9% -2.0% 3.6% -1.3% 0.7% 0.9% 0.0% -2.3% -1.2% -0.03 -0.02 -0.01 0 0.01 0.02 0.03 0.04 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit 0.4% -1.7% -0.8% 3.8% -0.6% -1.7% 0.4% -1.1% -0.6% -0.3% 1.2% 0.8% 0.1% 0.1% -5.6% -0.7% 9.2% -2.1% 4.4% -1.4% -4.9% 4.6% 0.9% 2.6% 0.2% -7.4% -0.1 -0.08 -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 0.1 0.12 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit 0.8% -1.4% 0.8% -0.6% 0.9% -2.0% 0.9% 0.4% 0.3% -0.1% 0.0% -0.1% 0.1% 3.5% -4.9% 0.8% -2.8% 2.3% -7.2% -0.2% 3.0% 4.9% 0.2% 0.0% -2.9% 3.4% -0.08 -0.06 -0.04 -0.02 0 0.02 0.04 0.06 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit
- 3. Sector 3 / 11 3 March 2018 © Tricumen Limited 2018. All rights reserved. EMEA (cont.) Operating revenue dynamics (US$, Level 1 products, FY17/FY16) Source: Tricumen. Notes: (1) Tricumen product definitions apply throughout. (2) Arrows show % change in revenue vs peers. Up-/down-arrows: top-/bottom-quartile. (3) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs and outliers. BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS Top 25% Bottom 25% Capital Markets 5% -7% Issuance & Advisory 35% 12% DCM Bonds N/M 55% 5% DCM Loans N/M N/M N/M N/M N/M 47% 2% Securitisation N/M 17% -7% ECM N/M N/M 57% 10% M&A / Advisory N/M N/M 21% -18% Sales & Trading -5% -12% FX -8% -24% Rates -7% -35% Credit N/M 7% -26% Commodities N/M -11% -56% EQ Cash N/M 8% -10% EQ Derv & Converts N/M -2% -13% Prime Services N/M 7% -10% Prop & Princ Inv N/M N/M N/M N/M N/M N/M N/M N/M 7% -24%
- 4. Sector 4 / 11 3 March 2018 © Tricumen Limited 2018. All rights reserved. EMEA (cont.) Operating cost / income (US$, Level 1 products, FY16 vs FY17) Capital Markets Banking FICC Equities Source: Tricumen. Notes: (1) TRIC product definitions, standard deviation, product Level 1; (2) Operating expenses exclude one-off non-operational items, insurance-related benefits & claims, and credit expense/recovery/NPL provisions. Capital expenditure is included as accrued. Litigation expense is allocated to front-line units. (3) positive values indicate outperformance; missing fields indicate that data is not meaningful, or available; (4) outliers are excluded. (5) RBS does not compete in Equities markets. -2.0 -1.0 0.0 1.0 2.0 3.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS FY17 FY16 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS FY17 FY16 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS FY17 FY16 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS SG UBS FY17 FY16 Peer Gp Avg
- 5. Sector 5 / 11 3 March 2018 © Tricumen Limited 2018. All rights reserved. Americas % change share of peer group operating revenue & pre-tax profit (US$, FY17/FY16) Issuance&AdvisoryFICCEquities Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs, dedicated proprietary trading and principal revenue. (3) Outliers are excluded. -0.5% -0.6% 0.3% -0.4% 0.5% -1.5% 1.3% 0.1% -0.7% 1.7% -0.1% -0.1% -0.0% -2.0% -0.9% 0.1% -2.4% -1.9% 2.9% 0.1% -0.6% 4.2% 0.6% -0.1% -0.1% -0.03 -0.02 -0.01 0 0.01 0.02 0.03 0.04 0.05 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit 0.5% 0.2% 0.1% -1.3% 1.2% 0.2% -3.1% 1.1% 0.2% 0.6% 0.1% 0.3% -0.2% -1.3% -3.2% -0.3% 7.7% 2.1% -3.5% -3.9% -2.9% 8.9% -2.7% 0.3% -1.1% -0.1% -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 0.1 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit -0.4% -1.1% 0.8% 0.7% -1.7% -1.6% 0.1% 0.5% 0.5% 1.3% 0.1% 0.9% 1.8% -4.2% 0.3% -3.4% 1.8% -5.3% -0.4% 1.4% 5.9% 0.2% -0.8% 2.7% -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit
- 6. Sector 6 / 11 3 March 2018 © Tricumen Limited 2018. All rights reserved. Americas (cont.) Operating revenue dynamics (US$, Level 1 products, FY17/FY16) Source: Tricumen. Notes: (1) Tricumen product definitions apply throughout. (2) Arrows show % change in revenue vs peers. Up-/down-arrows: top-/bottom-quartile. (3) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs and outliers. BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS Top 25% Bottom25% Capital Markets 10% -1% Issuance & Advisory 17% -0% DCM Bonds N/M 28% -16% DCM Loans N/M 11% -19% Securitisation N/M N/M N/M 1% -23% ECM N/M N/M N/M N/M 42% -1% M&A / Advisory N/M N/M N/M 23% -3% Sales & Trading 5% -4% FX -13% -36% Rates 5% -4% Credit N/M 15% -4% Commodities N/M N/M N/M N/M N/M N/M N/M -4% -42% EQ Cash N/M N/M 13% -15% EQ Derv & Converts N/M 7% -10% Prime Services N/M N/M N/M 11% -4% Prop & Princ Inv N/M N/M N/M N/M N/M N/M N/M N/M N/M N/M 108% 13%
- 7. Sector 7 / 11 3 March 2018 © Tricumen Limited 2018. All rights reserved. Americas (cont.) Operating cost / income (US$, Level 1 products, FY16 vs FY17) Capital Markets Banking FICC Equities Source: Tricumen. Notes: (1) TRIC product definitions, standard deviation, product Level 1; (2) Operating expenses exclude one-off non-operational items, insurance-related benefits & claims, and credit expense/recovery/NPL provisions. Capital expenditure is included as accrued. Litigation expense is allocated to front-line units. (3) positive values indicate outperformance; missing fields indicate that data is not meaningful, or available; (4) outliers are excluded. (5) RBS does not compete in Equities markets. -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS FY17 FY16 Peer Gp Avg -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS FY17 FY16 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 3.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS FY17 FY16 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS SG UBS FY17 FY16 Peer Gp Avg
- 8. Sector 8 / 11 3 March 2018 © Tricumen Limited 2018. All rights reserved. Asia Pacific % change share of peer group operating revenue & pre-tax profit (US$, FY17/FY16) Issuance&AdvisoryFICCEquities Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs, dedicated proprietary trading and principal revenue. (3) Outliers are excluded. 1.7% 0.3% 0.9% 0.2% 1.8% -1.6% -1.2% -0.3% 0.1% -1.4% -0.1% -1.3% 0.8% 4.2% 1.5% 0.5% 1.8% 0.1% -1.8% -0.2% -1.7% 4.4% -6.7% 0.6% -0.5% -2.1% -0.08 -0.06 -0.04 -0.02 0 0.02 0.04 0.06 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit 1.5% -0.8% 0.5% 0.9% -2.4% -1.5% 0.6% -0.7% -3.0% 2.5% 1.0% 0.4% 0.8% 0.3% -2.4% 1.1% 6.1% 1.4% -4.9% -2.5% -3.5% -0.7% 2.5% 0.9% 1.8% -0.1% -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit -0.0% 0.6% 1.4% 0.5% -2.8% -0.6% -0.2% 1.0% -1.4% 0.0% 0.0% 1.3% 0.2% 1.7% -3.1% 0.5% -4.3% 6.3% -6.4% -1.0% 13.9% -4.7% -1.5% 0.0% -2.4% 1.1% -0.1 -0.05 0 0.05 0.1 0.15 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss Revenue Pre-Tax Profit
- 9. Sector 9 / 11 3 March 2018 © Tricumen Limited 2018. All rights reserved. Asia Pacific (cont.) Operating revenue dynamics (US$, Level 1 products, FY17/FY16) Source: Tricumen. Notes: (1) Tricumen product definitions apply throughout. (2) Arrows show % change in revenue vs peers. Up-/down-arrows: top-/bottom-quartile. (3) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs and outliers. BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS Top 25% Bottom25% Capital Markets 10% -13% Issuance & Advisory N/M 20% -2% DCM Bonds N/M 32% 10% DCM Loans N/M N/M N/M N/M N/M N/M N/M 27% 18% Securitisation N/M N/M N/M N/M 29% -40% ECM N/M N/M N/M N/M 46% -17% M&A / Advisory N/M N/M N/M -4% -27% Sales & Trading 17% -15% FX N/M N/M N/M 17% -31% Rates 6% -29% Credit N/M N/M 43% -11% Commodities N/M N/M N/M N/M N/M N/M -24% -58% EQ Cash N/M 1% -19% EQ Derv & Converts N/M 23% -0% Prime Services N/M 12% -24% Prop & Princ Inv N/M N/M N/M N/M N/M N/M N/M N/M N/M N/M -17% -39%
- 10. Sector 10 / 11 3 March 2018 © Tricumen Limited 2018. All rights reserved. Asia Pacific (cont.) Operating cost / income (US$, Level 1 products, FY16 vs FY17) Capital Markets Banking FICC Equities Source: Tricumen. Notes: (1) TRIC product definitions, standard deviation, product Level 1; (2) Operating expenses exclude one-off non-operational items, insurance-related benefits & claims, and credit expense/recovery/NPL provisions. Capital expenditure is included as accrued. Litigation expense is allocated to front-line units. (3) positive values indicate outperformance; missing fields indicate that data is not meaningful, or available; (4) outliers are excluded. (5) RBS does not compete in Equities markets. -3.0 -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS FY17 FY16 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 3.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS FY17 FY16 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GSHSBC JPM MS RBS SG UBS FY17 FY16 Peer Gp Avg -2.0 -1.0 0.0 1.0 2.0 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS SG UBS FY17 FY16 Peer Gp Avg
- 11. Sector 11 / 11 3 March 2018 © Tricumen Limited 2018. All rights reserved. About Tricumen Tricumen was founded in 2008. It quickly became a strong provider of diversified market intelligence across the capital markets and has since expanded into transaction and corporate banking as well as asset and wealth management. Tricumen’s data has been used by many of the world’s leading investment banks as well as strategy consulting firms, investment managers and ‘blue chip’ corporations. Situated near Cambridge in the UK, Tricumen is almost exclusively staffed with senior individuals with an extensive track record of either working for or analysing banks; and boasts what we believe is the largest capital markets-focused research network of its peer group. Notes & Caveats Tricumen Limited places no restrictions on reproduction or transmission of data contained in this report, provided that information released is sourced to Tricumen Limited and that it does not prejudice Tricumen Limited’s business or compromise the company’s ability to analyse the financial markets. Tricumen Limited has used all reasonable care in writing, editing and presenting the information found in this report. All reasonable effort has been made to ensure the information supplied is accurate and not misleading. For the purposes of cross- market comparison, all numerical data is normalised in accordance to Tricumen Limited’s proprietary product classification. Fully-researched dataset may contain margin of error of 10%; for modelled datasets, this margin may be wider. The information and commentary provided in this report has been compiled for informational purposes only. We recommend that independent advice and enquiries should be sought before acting upon it. Readers should not rely on this information for legal, accounting, investment, or similar purposes. No part of this report constitutes investment advice, any form of recommendation, or a solicitation to buy or sell any instrument or to engage in any trading or investment activity or strategy. Tricumen Limited does not provide investment advice or personal recommendation nor will it be deemed to have done so. Tricumen Limited makes no representation, guarantee or warranty as to the suitability, accuracy or completeness of the report or the information therein. Tricumen Limited assumes no responsibility for information contained in this report and disclaims all liability arising from negligence or otherwise in respect of such information. Tricumen Limited is not liable for any damages arising in contract, tort or otherwise from the use of or inability to use this report or any material contained in it, or from any action or decision taken as a result of using the report. © Tricumen Limited 2018. All rights reserved