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Executive Summary

Executive Summary – FY23 Coalition Index Investment Banking revenues fell (6)% YoY

  • FICC: Normalization in Macro products revenue from a highly volatile prior year period, especially in Commodities, EM Macro and G10 FX
  • Equities: Weak 1H results (particularly in Cash Equities and EQD) which improved in 2H on the back of higher index levels and increased client activity
  • IBD: Continued decline in IBD as growth in Equity and Debt Capital Markets was offset by lower M&A and Loan Syndication activity
Methodology

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

  • 2021 to 2023: BofA, BARC, BNPP, CITI, WF, DB, GS, HSBC, JPM, MS, SG, UBS
  • 2019 to 2020: BofA, BARC, BNPP, CITI, CS, DB, GS, HSBC, JPM, MS, SG, UBS
  • The Coalition Index is refreshed for 1H and FY