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1、EquityResearch20July2017U.S.Large-CapBanksINDUSTRYUPDATEU.S.-BasedInvestmentBanks2Q17U.S.Large-CapBanksSummary&OutlookPOSITIVEUnchangedCapitalmarketsrevenuesin2Q17exceededtemperedexpectations.In2Q17,ourcoverage’scombinedtradingandinvestmentbankingrevenuesdeclined5%y-o-yandU.S.Large
2、-CapBanksJasonM.Goldberg,CFAwas9%belowthepriorquarterasmarket-movingeventswereepisodic,volatilityin+12125268580manyassetclasseshitmulti-yearlows,andactivitywassporadic.Still,resultswerejason.goldberg@barclays.commodestlybetterthanourexpectationsofa10-15%declineonbothay-o-yandlinked
3、BCI,USquarterbasis.Investmentbankingfeesdrovetheupside.Whiletradingresultswerebetterthanthecompanyguidance,theyapproximatedourexpectations.InnaBlyakher1.212.526.3904Relativeto2Q16,FICCfell16%(in-linewithourexpectationsofa15-20%drop),inna.blyakher@barclays.comwhileequitiesincreasedi
4、n2%(wesaidincreasemodestly).LowvolatilityandtheBCI,USabsenceofmeaningfulmacroeventsweighed.Still,webelieveactivitysawanuptickMatthewKesselhauttowardstheendofthequarter.Assuch,resultsweremodestlybetterthancompany+12125260181forecasts.WithinFICC,sustainedlowvolatility,reducedflowsand
5、continuedcreditmatthew.kesselhaut@barclays.comspreadtightening,alladverselyimpactedactivitylevelsinrates,credit,andBCI,UScommodities.EMperformanceseemedrelativelystronger.Withinequities,primeEugeneKoysmanbrokerageappearedtohaveagoodquarter,aidedbyseasonallystrongerclientactivity.+1
6、2125260971Corporatederivativesalsoposteddecentresults.Cashresultsappearedmixed.Eugene.Koysman@barclays.comBCI,USInvestmentbankingfeesrose3%sequentiallytotheirhighestlevelsince2Q15,vs.ourexpectationofadecline.Thebeatwasleadbydebtunderwriting(+5%fromBrianMorton,CFA1Q17),thoughadvisor
7、y(+6%)andequityunderwriting(-5%)werealsobetterthan1.212.526.2163expected.Wesenseresultswereparticularlystronginthelastfewweeksofthequarter.brian.morton@barclays.comBCI,USLookingout,forbothtradingrevenuesandinvestmentbankfees,wenoteresultsin3Q17facetoughcompsrelativetotheprioryearan
8、dseasonalpressuresequentia
