![]() The charts that pepper today's results show the effects of the past few years more clearly than words. CS M&A bankers performed a bit better (down 44% compared to a 51% declined at Deutsche Bank), but this was off a lower base for comparison - in the fourth quarter of 2021, Deutsche Bank's M&A revenues were more than double the previous year, but Credit Suisse's M&A revenues were up by a fraction of that amount as the bank suffered from post-Archegos staff defections. ![]() ![]() While other banks experienced low or low double figure declines in equities sales and trading (-1% at JPMorgan, -6% at Goldman Sachs), Credit Suisse's equities revenues declined 95%. In the fourth quarter of 2022, when other banks were enjoying the fruits of free-flowing fixed income sales and trading revenues, revenues in Credit Suisse's comparable business fell 83%. This might be one conclusion from this morning's set of unexpectedly terrible results. Credit Suisse's investment bank is being euthanised, but it's not going quietly.
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