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U.S. Investment Banking Sector: Q1 2015 FICC Trading Review
The FICC (fixed income, currencies & commodities) trading business has seen its ups and down. It’s no longer as attractive as it used to be prior to the Global Recession of 2008. But, this does not mean that it has lost its charm. In first quarter of 2015, U.S. investment banks have seen a notable increase in the FICC trading revenues. These have shown a more than double increase than Q4, 2014 revenues. This increase can be attributed to the increase in debt and the removal of cap from Swiss Franc.
The following article at Forbes.com byTrefis Team reports the total as well as FICC revenues of five largest investment banks – Goldman Sachs, JPMorgan, Morgan Stanley, Bank of America-Merrill Lynch and Citigroup. These figures show JPMorgan’s dominance in the FICC trading as it has highest revenues and lowest volatility. Apart from that Citigroup and Goldman Sachs are the only two other banks that rely more heavily on FICC trading revenues to drive their top line. But in terms of volatility of revenues, their coefficient of variation for FICC is almost twice as volatile as their equity trading revenues.
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