It’s been a rough year for investment banks.
And it is all because of the big banks’ fixed income, currencies and commodities — or FICC — divisions, which for so long have powered earnings.
According to analytics company Coalition, the FICC divisions at the ten biggest Wall Street bank generated $US52.8 billion in revenues in the first nine months of 2015.
That compares with equities sales and trading, which made $US24.6 billion, and traditional investment banking, which generated $US20.5 billion.
The FICC divisions have suffered over the past year, and the third quarter was especially brutal. Third quarter fixed income revenues across the ten biggest banks fell 18% against a year ago, according to Coalition.
The slides below, taken from a Coalition report released Monday, illustrate just how terrible the year has been for the FICC businesses.
Take a look:
FICC revenues over the first nine months of the year are down 9% year-on-year, with credit revenues down a third and securitization revenues down 21%. The only bright spot is foreign exchange.
The third quarter was especially tough, with FICC revenues down 18% compared to the same quarter last year.
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