Morgan Stanley and Oliver Wyman have released their giant new report on the future of banking. You can access the entire 74 page report by clicking this link: Morgan Stanley’s investment banking outlook 2014.
Or you can read our distilled, key-chart-only-version below.
1. U.S. banks are still winning, European banks are still losing…
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2. European banks are especially losing in fixed income sales and trading (and this is expected to carry on in 2014)…
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3. Equities and investment banking (M&A, equity capital markets, debt capital markets) will be the places to work in 2014….
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4. European banks seriously need to cut costs, although Nomura (a Japanese bank) needs to cut costs most at its international unit…
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5. You don’t want to work in a sales role now…
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6. As banks move to an agency trading model (where they simply match buyers and sellers), research is not a good place to be…
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7. The back office is sucking profits (and will impact pay)….
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8. European banks are also losing market share as measured by the fees they earn from IBD (M&A, ECM and DCM)….
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9. In a difficult market for fixed income sales and trading you don’t want to work at Goldman Sachs or Deutsche Bank…
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10. JPMorgan looks like a good place to work in fixed income – it has a high market share, but it isn’t over-exposed like Goldman Sachs…
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11. Meanwhile, UBS is becoming a stronger place to work in equities sales and trading…
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12. Goldman Sachs is the market leader in equities sales and trading, but is struggling to maintain market share as other banks expand their equities businesses…
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13. If return on equity is the key measure of a bank’s success, UBS is clearly best while Nomura might be best avoided…
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Related Links:
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