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Executive Summary

In 1Q22 Coalition Index Investment Banking revenues were down by (11)% on a YoY basis.

IBD: Significant decline in IBD was mainly driven by ECM and DCM fully offsetting the growth in M&A (driven by completed deals as announced volumes also fell).

Equities: Revenues declined marginally in Equities owing to poor performance in both Cash Equities and Prime Services.

FICC: FICC revenues were flat as improved performance in Macro products (esp. EM Macro) was offset by decline in Spread products (esp. Flow Credit and Securitization)

Methodology

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

  • 2016 to 2021: BofA, BARC, BNPP, CITI, CS, DB, GS, HSBC, JPM, MS, SG, UBS
  • The Coalition Index is refreshed for 1Q, 1H, 3QYTD and FY