The first three months of this year saw revenue growth across all three main business areas of the investment bank.
Investment banking revenues reached their highest first-quarter total in five years, according to Coalition’s latest Investment Bank Index. The index, which monitors performance across the world’s 12 largest investment banks found that revenues for the first quarter of 2020 reached $44bn, the highest first-quarter total since 2015, and a $4.8bn increase on last year’s.
The fixed-income, currencies and commodities (FICC) business led the gains, but there was also growth in equities and in the equities and investment banking division businesses.
Headcount levels, however, saw their sharpest decline in six years, thanks to several banks undergoing restructuring programmes. Headcount fell from 51,700 in the first quarter of 2019 to 49,000 in the first quarter 2020, with losses across all three business areas.
Reduction in FICC headcount was observed in macro products, mostly in G10 rates and commodities. Equities saw a decline across all functions and products, with significant contraction in institutional cash equities. Investment banking division headcount declined due to headcount cuts in equity capital markets.
