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Executive Summary

FY22 Coalition Index Investment Banking revenues fell (13)% on a YoY basis.

  • IBD: Shrinking M&A pipeline and declining origination led to the lowest revenue in a decade (following a strong FY21)
  • Equities: EQD and Cash Equities drove lower revenues, while Prime Services and Futures remained relatively stable
  • FICC: Increased client activity and volatility in Macro was partially offset by weaker trading conditions in Spread
Methodology

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

  • 2018 to 2022: BofA, BARC, BNPP, CITI, CS, DB, GS, HSBC, JPM, MS, SG, UBS
  • The Coalition Index is refreshed for 1H and FY