Top 5 investment banks witness worst H1 trading revenues in a decade
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The top five investment banks in the U.S. - JPMorgan, Citigroup, Goldman Sachs, Morgan Stanley and Bank of America - have seen trading revenues drop drastically in the first half of the year.
According to a report from Bloomberg on Thursday, equity and fixed-income trading revenues at these banks declined 14% in the first quarter, followed by an 8% drop in the second quarter of the year.
One of the main reasons for the drop is outflows by hedge funds, banks’ most active clients, who struggled to beat the markets, per the report.
European banks are also reportedly expected to post even more significant declines in trading revenues when they start publishing results next week.
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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.
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