Second tier banks outperform bulge bracket

摘要

European banks with second tier investment banking operations generally outperformed their larger regional rivals in capital markets in the first quarter of the year. Across the top 12 bulge bracket banks, fixed income revenues fell 26% and equities were down 21%. Primary markets and advisory saw a total fall of 19% as clients declined to launch transactions in such choppy markets (see chart page 15). The major European banks in this group -Barclays, Deutsche Bank, UBS, Credit Suisse, BNP Paribas, Societe Generale and HSBC -fared worse in equities, down 29%, than their five US competitors but did better in advisory and primary markets, showing a 13% decline.