On a core basis, for the five domestic and four European banks tracked by Jefferies, total investment banking and trading revenues were up 4% y-o-y and 45% q-o-q in the first quarter of 2015.
Ken Usdin and team at Jefferies in their May 11, 2015 research note states that aggregate equity capital markets (ECM) fees witnessed a strong start to the year.
First quarter clocks solid start to the year
According to the Jefferies analysts, investment banking and trading results in the nine firms in their coverage universe increased 4% y-o-y, as most products outside of DCM were flat-to-up. The nine banks they cover include Bank of America, Citigroup, JPMorgan, domestic brokers Goldman Sachs and Morgan Stanley and bulge bracket European peers Barclays, Credit Suisse, Deutsche Bank and UBS. They point out that total i-banking and trading revenues were strongest for Morgan Stanley, Goldman Sachs, UBS and JPMorgan in 1Q15:
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