INVESTMENT BANKING & CAPITAL MARKETS THE BOSTON CONSULTING GROUP
|
|
- Madeleine Lang
- 6 years ago
- Views:
Transcription
1 INVESTMENT BANKING & CAPITAL MARKETS Market Report Q Edition New York, Frankfurt May 22 nd, 2003 THE BOSTON CONSULTING GROUP
2 TABLE OF CONTENTS Chapter Page Executive summary 2 Overview of 1 st quarter Integrating investment banking and credit 13 Market review Fixed income origination Equity origination Mergers and acquisitions Equity trading 20 Data definitions 49-1-
3 Executive Summary -2-
4 INVESTMENT BANKS PERFORMED STRONGLY IN FIRST QUARTER 2003 THANKS TO GAINS FROM TRADING After several quarters of revenue declines, investment banks reported strong results Investment banking earnings improved banks overall results in the U.S. and Europe Profit margins for leading players reached over 3 again, for the first time since 2000 However, majority of revenues came from trading gains, predominantly in fixed income, while corporate finance revenues continued to decline in the first quarter of 2003 Advisory and underwriting revenues decreased another 8% in the first quarter Leading investment banks generated on average over 8 of their revenues from trading, with the majority in fixed income Risk-taking appetite of banks increased: Overall value-at-risk of the top players grew by 6% from last quarter A changed interest rate environment could jeopardize current industry earnings In a special section, we introduce an approach and key success factors in integrating investment banking and credit -3-
5 Overview of 1 st Quarter
6 INVESTMENT BANKING RESULTS IMPROVED SIGNIFICANTLY IN FIRST QUARTER 2003 BCG s investment banking performance index improved 14 points to 58.6 during first quarter of 2003 This is still far below the investment banking heyday of 2000, but well above the levels of 3 rd and 4 th quarter of 2002 A favorable trading environment supported performance, especially in fixed income trading. Continued cost cutting efforts led to a recovery of gross profit margins to over 3 on average Revenues of main players jumped by 4 from 4 th quarter 2002 Profit margins improved on average by 1 to 31% from previous quarter Advisory and underwriting revenues remained sluggish and trading revenues now account for over 8 of the firms total revenue Risk taking appetite of the firms has increased modestly over the last 2 years Without a significant improvement of global stock markets, investment banking revenues are in jeopardy particularly if interest rates rise again -5-
7 INVESTMENT BANKING INDUSTRY RECEIVED A LIFT IN FIRST QUARTER 2003 BCG Performance Index Up By 14 Points Indexed BCG IB Performance Index Q1/00 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Q4/01 1Q/02 2Q/02 3Q/02 4Q/02 1Q/03 Note: : BCG IB performance index is calculated based on profit weighted volume trends in M&A, ECM, Equity Sales & Trading and Bond Origination Source: Dealogic; SDC; Autex; BCG-analysis -6-
8 ADVISORY AND EQUITIES BUSINESSES REMAINED SLUGGISH IN 1 ST QUARTER $B Corporate Bonds Origination 1Q00 3Q00 1Q01 3Q01 1Q02 3Q02 1Q03 $B M&A Advisory (1) 1Q00 3Q00 1Q01 3Q01 1Q02 3Q02 1Q03 $B 80 $tr Q00 3Q00 1Q01 3Q01 1Q02 3Q02 1Q03 (1) Based on effective transactions Source: Dealogic; SDC; FIBV, BCG-analysis Equity Origination Asia US Europe Equity Trading 1Q00 3Q00 1Q01 3Q01 1Q02 3Q02 1Q03-7-
9 REVENUES OF TOP PLAYERS WERE UP BY 4 FROM LAST QUARTER Q1/2003 vs. Q4/2002 Gross profit margin (%) Ø BS LB MS (1) ML UBS GS DB Citi JPMC Q1/03 Ø: 31.4% Q4/02 Ø: 21.3% Q1/03 Q4/02 CSFB Ø +40.2% Revenues ($B) (1) At Morgan Stanley, compensation payments accrued in earlier periods resulted in very high profit margins in Q4/02 Note: Ø calculated on a revenue weighted basis; Operating revenue for investment banking and institutional sales and trading; revenues from loans and loan loss provisions excluded; extraordinary charge-offs excluded Source: Company reports, BCG analysis -8-
10 RESULTS IMPROVED SIGNIFICANTLY FROM A YEAR AGO Q1/2003 vs. Q1/2002 Gross profit margin (%) 4 BS Citi JPMC 3 ML MS Q1/03 Ø: 31.4% Ø+6.2% LB UBS GS Q1/02 Ø: 21.3% 1 DB CSFB Q1/03 Q1/ Ø+7. Revenues ($B) Note: Ø calculated on a revenue weighted; Operating revenue for investment banking and institutional sales and trading; revenues from loans and loan loss provisions excluded; extraordinary charge-offs excluded Source: Company reports, BCG analysis -9-
11 TRADING REVENUES ROSE SHARPLY FROM LAST QUARTER Goldman Sachs And Bear Stearns Improved Corporate Finance Revenues Trading Related Revenues Q1/03 vs. Q4/02 Corporate Finance Revenues Q1/03 vs. Q4/02 Trading rev as % of total revenue Q1/03 95% 9 UBS DB 3 IBD rev as % of total revenue Q1/03 25% LB GS Citi 85% 8 BS ML GS MS JPMC Ø: 82.3% 15% BS DB ML JPMC MS CSFB Ø: 20.1% 75% LB CSFB Citi 1 UBS Revenues Q1/03 Revenues Ø +54.5% ($B) Q4/02 Ø 7.8% ($B) 5% Note: Source: Trading and Corporate Finance revenues don t add up to 10 because of Other revenue Company reports; BCG-analysis -10-
12 TRADING RESULTS STILL BELOW 2001 LEVELS Weakness In Equity Trading Accounts For Decrease In Overall Trading Revenues Trading Revenue By Quarter (Indexed) Corporate Finance Revenue By Quarter (Indexed) 120 % % % % Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 0 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Note: Excluding Merrill Lynch Source: Company reports, BCG analysis -11-
13 RISK TAKING APPETITE OF BANKS HAS INCREASED In Absence Of Other Revenue Opportunities Market Risk Risk Efficiency Valueat-risk (1) $M Total BS LB ML DB JPMC Trad Rev $M 4,000 3,000 2,000 Broker ML MS Ø all players JPMC DB Citi GS UBS CSFB 200 CSFB MS Citi 1,000 BS LB 0 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 UBS GS 0 Trader VAR (1) $M (1) Totals, including, equity, fixed income, forex, commodity risk. At 99% confidence level, one-day loss; end of quarter levels Note: Players which reported VARs using a different methodology were adjusted by assuming normal distribution of losses Source: Company reports, BCG analysis -12-
14 Integrating Investment Banking And Credit -13-
15 WELL-INTEGRATED CORPORATE AND INVESTMENT BANKS ACHIEVE HIGH PROFIT MARGINS INDEPENDENT OF THEIR SIZE 2002 Gross profit margin (%) BMO (1) RBC SEBanken Wachovia Barclays BNPP CAI (1) CL (1) US Bancorp Bear Stearns BofA LB SocGen (1) Midsize Investment Banks Coba (1) Pure Investment Banks GS ABN Amro (1) ML MS UBS JPMC Citigroup Revenues ($B) DB CSFB Integrated Investment Banks (1) Includes investment banking as well as corporate banking business Source: Company financial results, BCG analysis -14-
16 COOPERATION OF INVESTMENT BANKING AND CREDIT IS BASED ON FOUR PILLARS Active credit portfolio management Creates transparency by establishing market and risk based transfer prices Risk-adjusted pricing Allows relationship managers to make profitable sales decisions Client profitability management Improves client profitability by managing individual client P&Ls Strategic prioritization Sets client specific targets to optimize overall client profitability Maximize profitability and penetration of key clients -15-
17 RELATIONSHIP MANAGER PLAYS KEY ROLE BY MANAGING INDIVIDUAL CLIENT P&Ls Clients Favorable product prices Customer 1 Customer 2 Relationship Manager Customer 3 Customer 4 Customer n Risk based/ market oriented transfer prices Product/Portfolio Management Manages portfolio of individual client P&Ls Transfer pricing for credit products provides challenges in many organizations Source: BCG client work -16-
18 ACTIVE PORTFOLIO MANAGEMENT DETERMINES TRANSFER PRICES FOR CREDIT PRODUCTS Best-practice Blue-Print For Credit Organization Clear riskreturn-oriented sales decision Sales unit Credit Portfolio management Credit trading Client 1. Application 5. Pricing Client coverage and origination Credit rating 4. Transfer price Unbiased risk assessment Establish market and target price for risk rating categories Increased portfolio performance Credit trading Portfolio securitization optimisation Trading Capital Market 2. Scoring, rating Risk assessment and certification 3. Risk info. Basis criteria for incentives/ compensation Individual customer portfolio profits Overall corporate and investment banking unit results Risk adjusted trading results Source: BCG risk benchmarking study; BCG research -17-
19 SUCCESS FACTORS DIFFER IN RELATIONSHIP AND PORTFOLIO MANAGEMENT Client Relationship Management Portfolio Management Transparency of client profitability across all products Support of reporting tools Risk-adjusted pricing Deal execution quality Ability to deliver product bundles that fit changing client needs Clear principles for allocating prices to credit positions Influence of credit origination decision by adequate price setting Risk transformation Securitization Reduction of single loan exposures Portfolio shaping buy/sell/hedge Close interaction between client and portfolio managers imperative Source: BCG benchmarking study; BCG client experience; BCG research -18-
20 ACTIVE CREDIT PORTFOLIO MANAGEMENT IMPROVES THE BOTTOM LINE Example: Wachovia Corp. Reduced Corporate Loans Large corporate loans reduced by $12.5 billion, or 26% since 3Q01 Moved $2.6 billion of outstanding loans to Held For Sale Reduced telecom commitments by $900 million, or 8, since 4Q01 Reduced corporate exposures with low RAROC (1) by using rigorous up or out approach Identified individual credits that didn t meet 15% RAROC target Reduced lines of credit or increased prices for these Lowered Single Excess Exposures Reduced excess single name corporate exposures Currently down to $13 billion with opportunity to reduce by another 67% within next 18 months Used credit derivatives aggressively to hedge $1.6 billion of exposure Corporate And Investment Bank reduced capital employed by 18% since 1 st quarter 2002 and achieved RAROC of 19% in 1Q03 (1) RAROC Risk Adjusted Return On Capital Source: Wachovia Investor Relations Presentation from Arpil 30,
21 Market Review: Fixed Income Origination -20-
22 BOND ORIGINATION IMPROVED STRONGLY IN FIRST QUARTER 2003 Fixed Income Origination Global debt underwriting volumes increased 44%, supported by the additional rate cut of the European Central bank European debt issuance benefited strongly, underwriting volumes grew by 71% from previous quarter Corporate bond issuance also strong, supported by refinancing activity and favorable high yield business Volumes increased 5 globally from last quarter Citigroup and Deutsche Bank strengthened their market positions in US and Europe respectively Other players lose share relative to leaders -21-
23 RECORD LEVELS IN GLOBAL BOND ORIGINATION Fixed Income Origination Market volumes Growth 1200 $B Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/ Global 71% 39% 43% 34% 13% -7% 44% 22% 1Q/03 vs. 4Q/02 1Q/03 vs. 1Q/02 Asia US Source: Dealogic; SDC; BCG-analysis Europe -22-
24 Fixed Income Origination BOTH DEAL SIZE AND NUMBER OF ISSUES INCREASED Number of transactions Average transaction size $M Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Global 0 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Asia Note: Source: Number of transactions in the US and Asia includes double counting of domestic and international tranches Dealogic; SDC; BCG-analysis US Europe -23-
25 CORPORATE BOND ISSUANCE RETURNED TO LAST YEAR'S LEVEL Corporate Bonds Market volumes Growth 300 $B 10 67% Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/ Global 56% 21% -7% 49% 5% 1Q/03 vs. 4Q/02 1Q/03 vs. 1Q/02 Asia US Source: Dealogic; SDC; BCG-analysis Europe -24-
26 SLIGHTLY MORE DEALS WITH HIGHER AVERAGE VOLUME Corporate Bonds Number of transactions Average transaction size 1200 $M Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Global 50 0 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Asia Note: Source: Number of transactions in the US and Asia include double counting of domestic and international tranches Dealogic; SDC; BCG-analysis US Europe -25-
27 CITIGROUP STRENGTHENED ITS POSITION IN US AND DEUTSCHE BANK GAINED IN EUROPE Fixed Income Origination All bonds US All bonds Europe Relative marketposition 1Q03 10 Gained share Citi Relative marketposition 1Q03 10 Gained share DB Nomura Barclays Wachovia ABN HSBC ML DB GS BoA BS MS JPMC UBS CSFB LB Lost share Relative marketposition Nomura BS BoA CDC Coba CSFB MS Barclays DKW JPMC ABN BNP HSBC UBS LB GS ML CAI SG Citi Lost share Relative marketposition 2002 Source: Dealogic; SDC; BCG-analysis -26-
28 Fixed Income Origination DAIWA INCREASED ITS SHARE AND LEADS IN ASIAN FIXED INCOME UNDERWRITING All bonds Asia Relative marketposition 1Q03 10 Gained share Daiwa ML DB JPMC GS HSBC ABN UBS BNP Barclays MS SG CSFB MitsubishiTokyo Mizuho Nomura Citi Lost share Relative marketposition 2002 Source: SDC; BCG-analysis -27-
29 Corporate Bonds CITIGROUP AND DEUTSCHE BANK DEFEND THEIR LEADS IN CORPORATE BOND ORIGINATION Corporate bonds US Corporate bonds Europe Relative marketposition 1Q Gained share Citi JPMC Relative marketposition 1Q Gained share MS DB 6 4 Wachovia UBS Barclays BS LB GS ML MS DB CSFB BoA Lost share Relative marketposition BoA LB DKW ML GS CAI ABN HSBC CSFB UBS SG BNP JPMC Barclays Citi Lost share Relative marketposition 2002 Source: Dealogic; SDC; BCG-analysis -28-
30 JAPANESE BANKS WIN LEADING POSITION IN JAPAN Corporate Bonds Corporate bonds Asia Relative marketposition 1Q03 10 Gained share Daiwa Nomura 8 Citi 6 ML 4 JPMC GS HSBC MitsubishiTokyo ABN MS ING DB CSFB Barclays Mizuho Lost share Relative marketposition 2002 Source: Dealogic; SDC; BCG-analysis -29-
31 Market Review: Equity Origination -30-
32 ECM EQUITY ORIGINATION CONTRACTED FURTHER IN FIRST QUARTER 2003 Equity origination remained subdued Global equity underwriting volumes declined another 42% from last quarter European equity market was hit especially hard volumes plunged by 7 Though the markets have somewhat recovered in April, the IPO pipeline indicates little turnaround in the second quarter Goldman Sachs and Citigroup lost share to competitors while some smaller players improved their positions Bank of America and Bear Stearns improved their market share in U.S. Morgan Stanley was top underwriter in Europe in first quarter Market share positions in first quarter 2003 don t indicate true franchise strength because of small volumes -31-
33 ECM EQUITY ORIGINATION CONTRACTED FURTHER Market volumes Growth $B % -64% -4% Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Global % -34% % 1Q/03 vs. 4Q/02 1Q/03 vs. 1Q/02 Asia US Source: Dealogic; SDC; BCG-analysis Europe -32-
34 ECM AVERAGE TRANSACTION SIZE IN EUROPE DECREASED BY OVER 5 Number of transactions Average transaction size $M Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Global 50 0 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Asia Note: Number of transactions in the US and Asia includes double counting of domestic and international tranches Source: Dealogic; SDC; BCG-analysis US Europe -33-
35 CITIGROUP AND GOLDMAN SACHS LOST SHARE IN SLOW MARKETS ECM ECM US ECM Europe Relative marketposition 1Q Gained share BoA JPMC ML MS CSFB GS Citi Relative marketposition 1Q Gained share MS 6 6 ML UBS 4 LB 4 GS BS UBS DB Lost share Relative marketposition 2002 HSBC Citi LB Cazenove CAI SG ABN CL DKW BNP ING JPMC CSFB Lost share DB Relative marketposition 2002 Source: Dealogic; SDC; BCG-analysis -34-
36 JAPANESE BANKS WIN BACK MARKET SHARE FROM FOREIGN COMPETITION ECM ECM Asia Relative market- 1Q03 10 Gained share Nomura 8 6 Daiwa 4 MS Citi UBS CSFB Lost share ABN JPMC DB ML GS BNP Relative marketposition 2002 Note: Source: Some local players were not tracked Dealogic; SDC; BCG-analysis -35-
37 Market Review Mergers and Acquisitions -36-
38 M&A M&A VOLUMES FURTHER DEPRESSED After a small increase in the second half of 2002, global M&A volumes fell again in 1 st quarter 2003 Effectived deal volumes declined by 4 from previous quarter M&A activity stagnated across all regions Geopolitical uncertainty and continuingly depressed stock markets were the main reasons for the slow beginning of the year However, industry is cautiously optimistic about the second half of the year The war in Iraq resolved some market uncertainties Private equity firms are buying more assets Further market consolidation expected, particularly in Europe Goldman Sachs remains the leading m&a advisor in the U.S., Europe, and Asia -37-
39 AFTER A SLIGHT RECOVERY IN 2002 M&A VOLUMES FELL BY 4 M&A Market volumes: Effective deals Growth 800 $B % 39% Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Global % -15% -37% -44% -4 1Q/03 vs. 4Q/02 1Q/03 vs. 1Q/02 Asia US Note: Source: Market volumes reflect true transaction volumes single-counted Thomson SDC; BCG-analysis Europe -38-
40 M&A ANNOUNCED M&A VOLUMES EASED SLIGHTLY Market volumes: Announced deals Growth $B % % -33% -13% -35% 27% Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Global % 1Q/03 vs. 4Q/02 1Q/03 vs. 1Q/02 Asia US Note: Source: Market volumes reflect true transaction volumes single-counted Thomson SDC; BCG-analysis Europe -39-
41 WITH NO MEGA DEALS THE AVERAGE TRANSACTION SIZE DECREASED CONSIDERABLY M&A Number of effective transactions (1) Average transaction size (1) $M Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Global 0 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Asia US Note: Source: (1) Only deals with advisor Dealogic; SDC; BCG-analysis Europe -40-
42 GOLDMAN SACHS REMAINED MARKET LEADER IN U.S. AND EUROPEAN ADVISORY M&A M&A US M&A Europe Relative marketposition 1Q Gained share MS GS Relative marketposition 1Q Gained share GS Rothschild 6 4 HSBC Lazard BS LB BoA UBS Rothschild DB Citi ML CSFB JPMC Lost share Relative marketposition CIBC SG CL BNP ABN HSBC Cazenove DKW LB Lazard Citi CSFB UBS JPMC ML MS Lost share DB Relative marketposition 2002 Note: Source: Based on effective transactions Thomson SDC; BCG-analysis -41-
43 M&A BUT LOSES SHARE IN ASIA TO ITS COMPETITORS M&A Asia Relative marketposition 1Q Gained share JPMC MS Citi GS CSFB 6 4 ABN LB DB Daiwa Rothschild Coba Nomura Cazenove MitsubishiTokyo DKW Lazard ML UBS Mizuho Lost share Relative marketposition 2002 Note: Source: Based on effective transactions; some local players were not tracked Thomson SDC; BCG-analysis -42-
44 Market Review: Equity Trading -43-
45 GLOBAL EQUITY TRADING STAGNATED FURTHER Global equity markets remained weak in 1 st quarter of 2003 Global stock prices lost 1% in 2003 year-to-date Global trading volume down by 7% from last quarter Although stock markets rallied in April, the mid-term outlook is uncertain Rising unemployment and slow economic growth in Europe and the U.S. European company profits hurt by weakening dollar U.S. stocks still highly valued compared to historic P/Es Knight Securities strengthened its position as leading U.S. market maker UBS gained market share in Europe and Asia -44-
46 Equity trading DESPITE THE RECENT RALLY MARKETS REMAIN DEPRESSED Development of main Equity indices (1) Growth % -23% S&P500 Nikkei225 FTSE E % 6% -5% -31% -11% -28% J 1Q01 A 2Q01 J 3Q01 O 4Q01 J 1Q02 A 2Q02 J 3Q02 O 4Q02 J 1Q03A Average -10 YTD 2003 Last 12M Asia US (1) Indexed Source: Thomson Financial Datastream Europe -45-
47 Equity trading TRADING VOLUMES DECLINED FURTHER Market volumes Growth 14 $tr , , , , ,4 8, ,6 7, , % -19% 5% -4% -7% -11% -17% -26% Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 4Q/02 1Q03-10 Global 1Q/03 vs. 4Q/02 1Q/03 vs. 1Q/02 Asia US Note: Source: Single counted, includes investment funds traded at exchanges FIBV; BCG-analysis Europe -46-
48 Equity trading KNIGHT SECURITIES STRENGTHENED ITS POSITION AS LEADING U.S. MARKET MAKER Institutional equity trading US Institutional equity trading Europe Relative marketposition 1Q Gained share Knight Relative marketposition 1Q Gained share Citi MS ML UBS CSFB DB 6 6 LB 4 MS GS UBS Citi LB CSFB JPMC BS BoA SG DB Wachovia Thomas Weisel ML Lost share Relative marketposition JPMC Coba BNP HSBC BoA Cazenove SG GS DKW ABN Lost share Relative marketposition 2002 Note: Source: ML includes HHG; GS includes SLK; DB includes NDB; ABN includes ING US; relative market positions are based on number of traded shares relative to market leader Autex; BCG-analysis -47-
49 Equity trading UBS GAINED SHARE AND IS NOW THE LEADING INSTITUTIONAL EQUITY TRADING HOUSE IN EUROPE AND ASIA Institutional equity trading Asia Relative marketposition 1Q Gained share UBS ML Citi 6 4 LB JPMC ING DB DKW HSBC ABN CSFB GS MS Lost share Relative marketposition 2002 Note: Source: Does not include Japanese players not reporting to Autex; relative market positions are based on number of traded shares relative to market leader Autex; BCG-analysis -48-
50 Data Definitions -49-
51 DATA DEFINITION OVERVIEW Regional deal allocation is based on issuer s country (parent issuer s country where available). M&A deals are allocated by target nation. European data are sourced from Dealogic; U.S. and Asian data from Thomson Financial Securities Data Relative market shares are based on bookrunner league tables Equity origination data include common stock IPOs and secondary issues Bond origination data contain all convertible and non-convertible bonds including ABS, MBS, municipals, agency, and corporate bonds Corporate bonds are limited to industrials and utilities excluding financial services issuers Equity trading market data reflects institutional block trades as advertised in Autex Blockdata Goldman Sachs, Lehman Brothers, and Morgan Stanley s 4 th quarter ended in February, all others in March
INVESTMENT BANKING AND CAPITAL MARKETS THE BOSTON CONSULTING GROUP
INVESTMENT BANKING AND CAPITAL MARKETS Market Report Fourth Quarter 23 Edition New York, Frankfurt March 2, 24 THE BOSTON CONSULTING GROUP TABLE OF CONTENTS Chapter Page Global Investment-Banking Outlook
More informationInvestment Banking and Capital Markets Market Report Third Quarter 2008
Investment Banking and Capital Markets Market Report Third Quarter 28 Contents Overview of third quarter 28 results 2 Market review Fixed income and equity trading 8 Underwriting and M&A advisory 12 Focus:
More information466 deals $2.1bn $16.3bn
UK Investment Banking Review First Quarter 216 UK investment banking revenue in 1Q 216 totaled $1.bn, down 21% year-on-year. Deal volume from UK targeted M&A dropped 34% year-on-year to $49.3bn. The same
More informationUBS Investor Day 2004 Global Equities. Alan Hodson, Global Head of Equities
UBS Investor Day 2004 Global Equities Alan Hodson, Global Head of Equities Contents Section 1 Global equities Section 2 Regional and functional overview Section 3 Summary and 2004 focus 1 2 Global equities
More informationMacquarie Securities Group Stevan Vrcelj Group Head
18 Macquarie Securities Group Stevan Vrcelj Group Head Macquarie Group Limited Operational Briefing 7 February 2012 Presentation to Investors and Analysts 19 Macquarie Securities Group 1. Current challenges
More informationInvestors Day. Investment Banking
Investors Day Investment Banking Mehmet Dalman Member of the Board of Managing Directors Frankfurt, September 4, 2002 Investors Day September 4, 2002 1 Contents Background 2002: First half review Future
More informationGLOBAL CAPITAL MARKETS LEAGUE TABLES
GLOBAL CAPITAL MARKETS LEAGUE TABLES First 3Q 2016 First 3Q 2016 MANAGER RANKINGS GLOBAL CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across
More informationAgenda. Introduction. Securities Strategy. Capital and Risk Management. Environment and Priorities
Philip J. Purcell, Chairman and Chief Executive Officer Stephen S. Crawford, Co-President Zoe Cruz, Co-President David H. Sidwell, Chief Financial Officer May 10, 2005 Notice The information provided herein
More informationFY2016 Financial Summary
Financial Summary Mitsubishi UFJ Securities Holdings Co., Ltd. April, 217 Contents Consolidated Financial Results Consolidated Performance Highlights P2 Net Operating Revenue and SG & A P3 Overview by
More informationInvestors Day Commerzbank Securities Review and Strategy. Mehmet Dalman Member of the Board of Managing Directors
Investors Day 2003 Commerzbank Securities Review and Strategy Mehmet Dalman Member of the Board of Managing Directors Glashütten/Taunus, September 10, 2003 / / / / / / / / / / / / / / / / / / / / / / /
More informationINVESTMENT BANKING SCORECARD
AVERAGE DEAL SIZE FOR US CORPORATE BONDS TOPS $1 BILLION This week's $17 billion USdollar denominated investment grade corporate debt offering from Medtronic ranked as the largest USdollar offering this
More informationEurope Update. November 4, 2004
Europe Update November 4, 2004 0 Table of Contents European Overview European Markets 1 European Overview 2 Our European Business Full Line of Financial Services Morgan Stanley Investment Management Institutional
More informationSwiss Alpine Summit Gstaad January 20, Renato Fassbind Chief Financial Officer Credit Suisse Group
Swiss Alpine Summit Gstaad January 20, 2005 Renato Fassbind Chief Financial Officer Credit Suisse Group DISCLAIMER Cautionary Statement regarding forward-looking information This presentation contains
More informationZoe Cruz, Co-President Colm Kelleher, Chief Financial Officer
Merrill Lynch Banking & Financial Services Investor Conference Zoe Cruz, Co-President Colm Kelleher, Chief Financial Officer November 13, 2007 Notice The information provided herein may include certain
More informationQ. Are any of your money market funds at risk of breaking the buck?
Q&A Regarding Fidelity s Money Market Holdings October 23, 2008 (All fund specific holdings information included in below Q&A as of close of business on October 22, 2008) Q. Are any of your money market
More information2QFY2017 Financial Summary
Financial Summary Mitsubishi UFJ Securities Holdings Co., Ltd. October, 217 Contents Consolidated Financial Results Consolidated Performance Highlights P2 Net Operating Revenue and SG & A P3 Overview by
More informationContact: Investor Relations Media Relations William Pike Ray O Rourke For Immediate Release
Contact: Investor Relations Media Relations William Pike Ray O Rourke 212-761-0008 212-761-4262 For Immediate Release Morgan Stanley Reports Second Quarter Net Income of $599 Million; Return on Equity
More informationDeutsche Bank Dr. Josef Ackermann
Deutsche Bank Dr. Josef Ackermann Chairman of the Management Board Tokyo, 20 February 2007 Agenda 1 Outstanding performance in 2006 2 Strengthened strategic positions 3 Phase 3 of our Management Agenda
More informationReuters / Baz Ratner GLOBAL INVESTMENT BANKING REVIEW
Reuters / Baz Ratner FULL YEAR 2017 Global IB Fees Hit Record High Technology Fees Down 10% JP Morgan Tops Rankings Financial Sponsor Fees Up 24% Global Investment Banking Fees Total US$103.9 Billion;
More informationMitsubishi UFJ Securities Holdings Business Strategy. January 2013
Mitsubishi UFJ Securities Holdings Business Strategy January 2013 This document contains forward-looking statements in regard to forecasts, targets and plans of Mitsubishi UFJ Financial Group, Inc. ( MUFG
More informationGLOBAL CAPITAL MARKETS
GLOBAL CAPITAL MARKETS LEAGUE TABLES FY 2015 FY 2015 MANAGER RANKINGS GLOBAL CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array
More information3QFY2017 Financial Summary
Financial Summary Mitsubishi UFJ Securities Holdings Co., Ltd. January, 218 Contents Consolidated Financial Results Consolidated Performance Highlights P2 Net Operating Revenue and SG & A P3 Overview by
More informationFrom Japan s Leading Securities Company to Asia s Global Investment Bank
Connecting Markets East & West From Japan s Leading Securities Company to Asia s Global Investment Bank History, Challenges and Ambitions Shigesuke Kashiwagi Chief Financial Officer Nomura Holdings, Inc.
More informationINVESTMENT BANKING SCORECARD
1 INVESTMENT BANKING SCORECARD Investment Banking Volume by Asset Class $1,750 $1,500 LOANS Equity Capital Markets by Issue Type 2017 YTD 2016 YTD $1,250 $0 $100 $200 $300 $400 $500 $600 $700 $1,000 FollowOn
More informationDEAL MAKING: REAL ESTATE
Fees HEADLINES November, 1 INVESTMENT BANKING FEES Fees for global investment banking services in the real estate sector, from M&A advisory to capital markets underwriting, total US$. billion so far during
More informationI N V E S T M E N T B A N K
I N V E S T M E N T B A N K Jes Staley, Chief Executive Officer Investment Bank February 28, 2012 I N V E S T M E N T B A N K Agenda Page Performance 1 Markets 4 Business highlights 13 1 P E R F O R M
More information2QFY2018 Financial Summary
Financial Summary Mitsubishi UFJ Securities Holdings Co., Ltd. October, 218 Contents Consolidated Financial Results Consolidated Performance Highlights P2 Net Operating Revenue and SG & A P3 Overview by
More informationMarket positioning and strategy. Section 2.1
Market positioning and strategy Section 2.1 Mediobanca CIB: our strengths Recognized brand Strong culture and corporate identity Business model already compliant with new regulations Customer-driven, integrated
More informationMitsubishi UFJ Securities Holdings Business Strategy. June 2014
Mitsubishi UFJ Securities Holdings Business Strategy June 214 This document contains forward-looking statements in regard to forecasts, targets and plans of Mitsubishi UFJ Securities Holdings ( MUSHD )
More informationMorgan Stanley Reports Third Quarter Net Income of $1.3 Billion With Return on Equity of 22.0%; Earnings Per Share are $1.15
Contact: Investor Relations Media Relations William Pike Ray O Rourke 212-761-0008 212-761-4262 For Immediate Release Morgan Stanley Reports Third Quarter Net Income of $1.3 Billion With Return on Equity
More informationGLOBAL CAPITAL MARKETS
GLOBAL CAPITAL MARKETS LEAGUE TABLES FY 2017 FULL YEAR 2017 MANAGER RANKINGS GLOBAL CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad
More informationDeutsche Bank. Chief Executive Officer. Merrill Lynch Banking & Insurance CEO Conference London, 8 October 2008
Deutsche Bank Dr. Josef Ackermann Chief Executive Officer Merrill Lynch Banking & Insurance CEO Conference London, 8 October 2008 Agenda 1 Performing strongly through the credit crisis 2 Sustaining capital
More information4Q FY2017 Earnings Announcement
Daiwa Securities Group 4Q Earnings Announcement April 27, 218 This presentation may contain forward-looking statements about the Daiwa Securities Group. You can identify these statements by the fact that
More informationGLOBAL CAPITAL MARKETS
GLOBAL CAPITAL MARKETS LEAGUE TABLES H1 2017 H1 2017 MANAGER RANKINGS GLOBAL CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array
More information4Q FY2011 Earnings Announcement April 27, 2012 Daiwa Securities Group Inc.
4Q Earnings Announcement April 27, 212 Daiwa Securities Group Inc. This presentation may contain forward-looking statements about the Daiwa Securities Group. You can identify these statements by the fact
More informationfile://n:\iwm BACKUP\Joyce\TAICHUNG\MCD Final term.htm
Page 1 of 6 CALCULATION OF REGISTRATION FEE Maximum Aggregate Amount of Registration Fee(1) Title of Each Class of Securities to be Registered Offering Price (2) Debt Securities (2.625% Medium-Term Notes
More informationmergermarket s Q M&A House League Tables of Financial Advisers to European M&A
April 17, 2006 Contact Information: Janice Tsang (deal queries, submissions etc) janice.tsang@mergermarket.com Tel: +44 (0)20 7059 6179 Hannah Bagshawe (PR) hannah.bagshawe@mergermarket.com Tel: +44 (0)20
More informationINVESTMENT BANKING SCORECARD
Volume ($b) DEALS INTELLIGENCE I DECEMBER 6, 01 INVESTMENT BANKING SCORECARD Investment Banking Volume by Asset Class Equity Capital Markets by Issue Type $1,00 $1,00 LOAN 01ytd 011ytd $1,000 $0 $100 $00
More informationCANADA CAPITAL MARKETS REVIEW DCM & ECM MANAGING UNDERWRITERS
CANADA CAPITAL MARKETS REVIEW DCM & ECM MANAGING UNDERWRITERS First Quarter 0 REUTERS / Mark Blinch First Quarter 0 Canadian Capital s Managing Underwriters Canadian Capital s Review Table of Contents
More informationInternational Bank for Reconstruction and Development
Final Terms dated January 13, 2014 International Bank for Reconstruction and Development Issue of US$4,000,000,000 1.875 per cent. Fixed Rate Notes due March 15, 2019 under the Global Debt Issuance Facility
More informationCentral Bank collateral frameworks before and during the crisis
Central Bank collateral frameworks before and during the crisis The case of the Federal Reserve Central banking, liquidity crises and financial stability lecture Mai 20 th, 2011 Presentation by 1 Goals
More informationInvestment Banking and Capital Markets Market Report Third Quarter November 14, 2007
Investment Banking and Capital Markets Market Report Third Quarter 27 November 14, 27 Contents Overview of third quarter 27 results 2 Market review Fixed-income and equity trading 9 Corporate finance and
More informationLiquidity Monitor. 1 August Amy Auster Katie Dean Amber Rabinov Jasmine Robinson Economics & Markets Research
Liquidity Monitor 1 August 20 Amy Auster Katie Dean Amber Rabinov Jasmine Robinson Economics & Markets Research 60 50 40 30 20 10 0 The Fed remains committed to shoring up liquidity in the market Daily
More informationBe the world s most trusted financial group. 2. Provide reliable and constant support to our customers. 3. Expand and strengthen our global presence
Corporate Vision The corporate vision serves as the basic policy in conducting our business activities, and provides guidelines for all group activities. Our mission The corporate vision also is the foundation
More informationINVESTMENT BANKING SCORECARD
Volume ($b) DEALS INTELLIGENCE I APRIL, INVESTMENT BANKING SCORECARD Investment Banking Volume by Asset Class Equity Capital Markets by Issue Type $, $, Loans ytd ytd $, $ $5 $ $5 $ $5 Volume ($b) $8 $6
More informationDEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS. REUTERS/Carlos Jasso
DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS REUTERS/Carlos Jasso Full Year 217 Full Year 217 Debt Capital Markets Managing Underwriters Debt Capital Markets Review Table of Contents Global Debt International
More informationReuters/Paul Hackett GLOBAL INVESTMENT BANKING REVIEW
Reuters/Paul Hackett FULL YEAR 2011 Global IB Fees Down 6%; 2H'11 Fees Fall 30% JP Morgan Retains Top Spot Fees from Lending Up 34%; Capital Markets Down 22% Global Investment Banking Fees Total US$81
More informationLeveraging The Business Through Economic Capital Measurement - Why Adopt Quantitative Risk Measurement. Presentation to IFC Conference - Pakistan
Leveraging The Business Through Economic Capital Measurement - Why Adopt Quantitative Risk Measurement Presentation to IFC Conference - Pakistan February 2009 Economic capital serves as the means for developing
More informationMarket Watch. July Review Global economic outlook. Australia
Market Watch Latest monthly commentary from the Investment Markets Research team at BT. Global economic outlook Australia Available data for the June quarter is consistent with a moderation in GDP growth
More informationCautionary Note on Forward-Looking Statements
Cautionary Note on Forward-Looking Statements Today s presentation may include forward-looking statements. These statements represent the Firm s belief regarding future events that, by their nature, are
More informationDeutsche Bank 2006 Results
Deutsche Bank 2006 Results Anthony di Iorio Chief Financial Officer Edinburgh / Dublin, 15-16 March 2007 Agenda 1 Outstanding performance in 2006 2 Strengthened strategic positions 3 Phase 3 of our Management
More informationCautionary Note on Forward-Looking Statements
Cautionary Note on Forward-Looking Statements Today s presentation may include forward-looking statements. These statements represent the Firm s belief regarding future events that, by their nature, are
More informationHigher risk vs.. lower growth: The challenge ahead. Mehmet Dalman
Higher risk vs.. lower growth: The challenge ahead Mehmet Dalman October 2002 Contents Setting the scene Financials Investment Banking - the story so far The future 2 Commerzbank: the current situation
More informationSmith Barney Citigroup Financial Services Conference New York, January 26, 2005
Smith Barney Citigroup Financial Services Conference New York, January 26, 2005 Brady Dougan Chief Executive Officer, Credit Suisse First Boston Member of the Executive Board, Credit Suisse Group DISCLAIMER
More informationStrategy for a new era Dr. Josef Ackermann Chairman of the Management Board. Investor Day Frankfurt, 14 December 2009
Management Agenda Phase 4: Strategy for a new era Dr. Josef Ackermann Chairman of the Management Board Investor Day Frankfurt, 14 December 2009 Agenda 1 Recent history and current context 2 Our strategy
More informationGLOBAL CAPITAL MARKETS
GLOBAL CAPITAL MARKETS LEAGUE TABLES Q1 2018 Q1 2018 MANAGER RANKINGS GLOBAL CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array
More informationCANADA CAPITAL MARKETS
CANADA CAPITAL MARKETS LEAGUE TABLES Q1 2018 Q1 2018 MANAGER RANKINGS CANADA CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array
More informationGiovannini Barrier 4 and 7
Giovannini Barrier 4 and 7 Godfried de Vidts and Mark Austen Joint submission of European Primary Dealers Association and the European Repo Committee Clearing and Settlement Advisory and Monitoring Experts
More informationCapital Market Review
Capital Market Review September 3, 215 Percent Percent MARKET/ECONOMIC OVERVIEW Risk Reprices Rapidly 2,2 1,9 1,6 1,3 S&P 5 April 29, 211 to Oct 3, 211 157 Days -19.4% May 21, 215 to Sep 3, 215 132 Days
More informationTSX and TSXV A Capital Opportunity. Disclaimer. Prepared for: 2010 ACA Summit Date: May 6, 2010 Location: San Francisco, CA
TSX and TSXV A Capital Opportunity Prepared for: 2010 ACA Summit Date: May 6, 2010 Location: San Francisco, CA Disclaimer This document is for information purposes only and is not an invitation to purchase
More informationS O C I E T E G E N E R A L E
SOCIETE GENERALE DEEP DIVE INTO MARKET ACTIVITIES & ASIA 0 6. 0 3. 2 0 1 8 DISCLAIMER This presentation contains forward-looking statements relating to the targets and strategies of the Societe Generale
More informationFinancial Results. Fourth Quarter Fiscal Year ending March May Copyright(c) Mizuho Securities Co., Ltd. All Rights Reserved.
Financial Results Fourth Quarter Fiscal Year ending March 2016 May 2016 Copyright(c) Mizuho Securities Co., Ltd. All Rights Reserved. Contents Reference Data Financial Statements - Consolidated 2 Consolidated
More informationGoldman Sachs Presentation to Bernstein Strategic Decisions Conference David M. Solomon President and Chief Operating Officer
May 3, 208 Goldman Sachs Presentation to Bernstein Strategic Decisions Conference David M. Solomon President and Chief Operating Officer Cautionary Note on Forward-Looking Statements Today s presentation
More informationLiquidity and Financial Cycles
Tobias Adrian Federal Reserve Bank of New York Hyun Song Shin Princeton University Presentation at the 6th BIS Annual Conference Financial System and Macroeconomic Resilience Brunnen, June 18-19, 2007
More informationDeutsche Bank Dr. Gurdon Wattles
Deutsche Bank Dr. Gurdon Wattles Head of Investor Relations & Group Finance Communications Nomura Financial Services Conference London, 3 September 2009 Agenda 1 Strength through the crisis 2 Investment
More informationMorgan Stanley Earnings Per Share Up 35%; First Quarter Net Income $1.2 Billion; Return on Equity 19%
Contact: Investor Relations Media Relations William Pike Ray O Rourke 212-761-0008 212-761-4262 For Immediate Release Morgan Stanley Earnings Per Share Up 35%; First Quarter Net Income $1.2 Billion; Return
More informationGreenhill. An Investment Bank Focused Exclusively on Advising Clients
An Investment Bank Focused Exclusively on Advising Clients Bank of America Merrill Lynch Future of Financials Conference November 6, 2018 Forward-Looking Statements Statements contained in this Presentation
More informationCHINA CAPITAL MARKETS
CHINA CAPITAL MARKETS LEAGUE TABLES Q1 219 The Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions;
More informationACG Market Review. Second Quarter Global Highlights: Economy Announced tariffs have so far failed to slow down economic activity
ACG Market Review Second Quarter 2018 Global Highlights: Economy Announced tariffs have so far failed to slow down economic activity Equities U.S. equites turn positive for the year backed by strong corporate
More informationAsian Insights What to watch closely in Asia in 2016
Asian Insights What to watch closely in Asia in 2016 Q1 2016 The past year turned out to be a year where one of the oldest investment adages came true: Sell in May and go away, don t come back until St.
More informationSCHEDULE C DISCLOSURE
SCHEDULE C DISCLOSURE Schedule C of Form 5500 requires plans to include certain information regarding any mutual funds that are part of the plan s available investment options. We are providing the following
More informationMorgan Stanley Reports Second Quarter Net Income of $797 Million; Return on Equity of 15%
Contact: Investor Relations Media Relations William Pike Ray O Rourke 212-761-0008 212-761-4262 For Immediate Release Morgan Stanley Reports Second Quarter Net Income of $797 Million; Return on Equity
More informationSir Fred Goodwin Group Chief Executive
This presentation may contain forward looking statements, including such statements within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the Securities Exchange Act of
More informationCANADA CAPITAL MARKETS
CANADA CAPITAL MARKETS LEAGUE TABLES Q1 2018 Preliminary As of 26 March 2018 Q1 2018 PRELIMINARY AS OF 26 MARCH 2018 MANAGER RANKINGS CANADA CAPITAL MARKETS The Bloomberg Capital Markets Tables represent
More informationUBS 2007 Financial Services Conference
UBS 2007 Financial Services Conference Greg Fleming and Dow Kim Presidents Global Markets & Investment Banking May 14, 2007 Safe Harbor Statements made herein may contain forward-looking information about
More informationGOLDMAN SACHS. Appropriate for Income
GOLDMAN SACHS Investment Category: Income Sector: FINANCIAL Fixed Income Research Evan Marks, CFA January 17, 2018 Company Overview The Goldman Sachs Group Inc. is a bank holding and a global investment
More informationFinancial Results for FY2015 Q3 January 1 to September 30, 2015
Financial Results for FY2015 Q3 January 1 to September 30, 2015 October 29, 2015 (TSE1: Ticker 2174) FY2015 Q3 Financial Performance Summary of FY2015 Q3 Results 9-month revenue was 10 billion yen and
More informationReference REMIC SM Securities. A Mortgage-Backed Securities Investment Innovation Offered by Freddie Mac. October 2005
Reference REMIC SM Securities A Mortgage-Backed Securities Investment Innovation Offered by Freddie Mac October 2005 Safe Harbor Statements Freddie Mac obligations Freddie Mac s securities are obligations
More informationREUTERS / Mark Blinch CANADA CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS
REUTERS / Mark Blinch CANADA CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS Full Year Full Year Canadian Capital Markets Managing Underwriters Canadian Capital Markets Review Table of Contents Canadian Debt
More informationUBS Investor Day 2004 Fixed Income, Rates & Currencies. Michael Hutchins, Global Head of FIRC
UBS Investor Day 24 Fixed Income, Rates & Currencies Michael Hutchins, Global Head of FIRC Diversified group of businesses Fixed Income, Rates & Currencies Fixed Income Rates FX, Cash & Collateral Trading
More informationStifel Financial Corp. November 2014
Stifel Financial Corp. November 2014 Disclaimer Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
More informationContact: Investor Relations Media Relations William Pike Ray O Rourke For Immediate Release
Contact: Investor Relations Media Relations William Pike Ray O Rourke 212-761-0008 212-761-4262 For Immediate Release Morgan Stanley 4 th Quarter Earnings Up by 42%; Full Year Earnings Increase to $3.8
More informationInvestor Presentation. JMP Securities Financial Services Conference June 19, 2018
Investor Presentation JMP Securities Financial Services Conference June 19, 2018 Disclaimer Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of the
More informationSTIFEL FINANCIAL. Investor Presentation. December 2009
STIFEL FINANCIAL Investor Presentation December 2009 Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act
More informationWHAT IS INVESTMENT BANKING
WHAT IS INVESTMENT BANKING 2018 1 What is Investment Banking? 2 What Does an Investment Bank Look Like? 3 But Investment Banks Do Not All Look Alike Many commercial banks have expanded into Investment
More informationRoyal Bank of Canada Scotia Capital Financials Summit
Royal Bank of Canada Scotia Capital Financials Summit Janice Fukakusa Chief Administrative Officer and Chief Financial Officer September 5, 2012 Financial information is presented in Canadian dollars on
More informationGreenhill. An Investment Bank Focused Exclusively on Advising Clients
An Investment Bank Focused Exclusively on Advising Clients Q4 and Full Year 2018 Results January 30, 2019 Forward-Looking Statements Statements contained in this Presentation that are not based on current
More informationForward-Looking Statements
Investor Presentation January 2007 Ed Clark President & CEO TD Bank Financial Group Forward-Looking Statements From time to time, the Bank makes written and oral forward-looking statements, including in
More informationERISA 408(b)(2) Disclosure Retirement Plans Recordkept by Putnam with non-putnam Trustees
ERISA 408(b)(2) Disclosure Retirement Plans Recordkept by Putnam with non-putnam Trustees June 11, 2012 A. Background Section 408(b)(2) of the Employee Retirement Income Security Act of 1974 ( ERISA ),
More informationReuters/Denis Balibouse GLOBAL INVESTMENT BANKING REVIEW
Reuters/Denis Balibouse FIRST QUARTER 2012 Global IB Fees Down 14%; Americas Accounts for 56% JP Morgan Retains Top Spot Fees from DCM up 4%; M&A Fees Down 26% Global Investment Banking Fees Total US$17.6
More informationBOARD OF DIRECTORS APPROVED:
This communication and the information contained herein does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase or subscribe securities, in the United States,
More informationDeutsche Bank. Chief Financial Officer. Frankfurt / New York / Boston / The Netherlands 3 7 November 2008
Deutsche Bank Stefan Krause Chief Financial Officer Frankfurt / New York / Boston / The Netherlands 3 7 November 2008 Agenda 1 Third quarter 2008 results 2 Key current issues 3 Risk and capital management
More informationEnhanced Disclosure Task Force 2015 Progress Report Appendix 4: Leading Practice Examples of EDTF Recommendations. October 2015
Enhanced Disclosure Task Force 2015 Progress Report Appendix 4: Leading Practice Examples of EDTF Recommendations October 2015 1 Table of Contents Page 1 General recommendations 4 2 Risk governance and
More information1 Economic Overview. Securities Market in 2009
1 1 Economic Overview Securities Market in 29 In retrospect, the Japanese economy in 29 experienced a severe recession in the wake of the global economic stagnation and financial uncertainty caused by
More informationInvestor Presentation
Investor Presentation Wells Fargo Securities Asset Managers, Brokers & Exchange Forum March 21, 2017 Disclaimer Forward-Looking Statements This presentation may contain forward-looking statements within
More informationRecent Debt Summary & Related Issues
Recent Debt Summary & Related Issues Recent Financings $147,390,000 Series 2007E COPs November 2, 2007 presented by Public Financial Management 300 S. Orange Avenue, Suite 1170 Orlando. FL 32801 (407)
More informationPursuing the Development of a Central Clearing Infrastructure for CDSs
Pursuing the Development of a Central Clearing Infrastructure for CDSs Takeshi Hirano Head, Strategic Planning, Clearing & Settlement Tokyo Stock Exchange, Inc. This information has been written according
More informationMorgan Stanley 4 th Quarter Earnings Up 18%; Full Year Earnings Increase to $4.5 Billion; Return on Equity for Year is 17%; Dividend Increased by 8%
Contact: Investor Relations Media Relations William Pike Ray O Rourke 212-761-0008 212-761-4262 For Immediate Release Morgan Stanley 4 th Quarter Earnings Up 18%; Full Year Earnings Increase to $4.5 Billion;
More informationContact: Investor Relations Media Relations William Pike Ray O Rourke For Immediate Release
Contact: Investor Relations Media Relations William Pike Ray O Rourke 212-761-0008 212-761-4262 For Immediate Release Morgan Stanley Reports Full-Year Net Earnings of $3.0 Billion, Return on Equity of
More informationGlobal Securities Lending Business and Market Update
NORTHERN TRUST 2009 INSTITUTIONAL CLIENT CONFERENCE GLOBAL REACH, LOCAL EXPERTISE Global Securities Lending Business and Market Update Michael A. Vardas, CFA Managing Director Quantitative Management and
More information