Executive Summary

In 1Q23, Coalition Index Investment Banking revenues decreased (9)% on a YoY basis.

  • IBD: Continued weakness in IBD, with YoY decline most pronounced in M&A and DCM
  • Equities: Revenue decline driven by strong normalization in EQD and significantly lower volumes in Cash Equities, which was partially offset by robust performances in Futures
  • FICC: FICC revenues were stable as improved performance in Spread products (especially Credit) was offset by decline in Macro products (particularly FX and Commodities)


The Coalition Index tracks the performance of the 12 largest Investment Banks globally. The Index comprises:

  • 2018 to 2020: BofA, BARC, BNPP, CITI, CS, DB, GS, HSBC, JPM, MS, SG, UBS
  • 2021 to 2023: BofA, BARC, BNPP, CITI, WF, DB, GS, HSBC, JPM, MS, SG, UBS
  • Coalition Index numbers include Credit Suisse until 1Q20, which has been replaced by Wells Fargo from 1Q21 onwards
  • The Coalition Index is refreshed for 1Q, 1H, 3QYTD and FY