![]() He does, however, acknowledge that the macro conditions are rather different now and that "higher-than-expected cost inflation, higher loan losses" could yet scupper the banking revival. This is what happened in 2020, at least. In M&A, revenues are down 50%.Īs we reported last time, Goy is upbeat about the investment grade DCM recovery and thinks it (possibly heralds) a recovery in other areas. In high yield DCM, revenues are down 50%. Investment grade DCM revenues are up 5% on a year to date basis and are the only area of investment banking where things are going well, says Goy. Now he's back with a similar observation, plus the intimation that HSBC is looking more solid than elsewhere. ![]() Goy noted that investment grade DCM was having a good start to the year a few weeks ago. ![]() This is our takeaway from the latest note from Benjamin Goy, Deutsche Bank's Frankfurt-based European banking analyst. And if you're looking for a steady bank to do the job at, you might want to choose HSBC. If you're looking for a nice, steady sort investment banking job where you probably won't get fired and probably will have a few deals to work on this year, you probably want to work in investment grade debt capital markets (DCM). ![]()
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