Executive Summary

3Q23YTD Coalition Index Investment Banking revenues were down by (8)% on a YoY basis.

  • FICC: Revenue normalization driven by weaker performance in Macro products (particularly Commodities, EM Macro and G10 FX) while Spread products improved off a low base with trading underperformance last year.
  • Equities: Decline in revenues from reduced client activity in Equity Derivatives and Cash Equities, partially offset by robust performance in Prime Services and Futures.
  • IBD: IBD revenues fell moderately as M&A activity remained weak despite a recovery in ECM and bond underwriting activity.

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

  • 2018 to 2020: BofA, BARC, BNPP, CITI, CS, DB, GS, HSBC, JPM, MS, SG, UBS
  • 2021 to 2023: BofA, BARC, BNPP, CITI, DB, GS, HSBC, JPM, MS, SG, UBS, WFC
  • The Coalition Index is refreshed for 1Q, 1H, 3QYTD and FY