Fixed income, currencies and commodities revenues continued to fall in the first quarter, normally the best time of the year for the business, with all the major US banks save Morgan Stanley posting declines compared with a year earlier.
US banks posted mixed results for investment banking fees in the first quarter, adding to analyst concerns that the boost provided by a boom in debt issuance might be starting to subside, while equity capital markets and advisory income continue to disappoint.
Bank of America found strength in the performance of its investment bank, in debt underwriting and fixed income trading in particular, as yet another multi-billion dollar legal settlement related to its legacy mortgage underwriting sand-bagged results.
- Citigroup takes FICC share in a tough quarter
- US banks told to find US$68bn more
- JP Morgan off to a weak start
- Pinto puts his stamp on JP Morgan investment bank
- Fed rejects Citigroup's capital plan
- Restructuring advisers braced for quiet year
- Pinto takes sole charge at JP Morgan