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Markets Takeaways From US Bank Earnings:

EQUITIES
  • Goldman Sachs: Global banking and markets driven by strong IB fees, FICC and equities
  • Bank of America: FICC revenue down 6%, driven by weaker trading in macro products, partially offset by improved mortgages
  • Wells Fargo: Markets revenue up 2%, driven by structured products, credit products and FX, while rates and commodities were lower.
  • JP Morgan: Fixed income markets down 7% Y/Y on lower activity in rates and commodities
  • Citigroup: Fixed income decline driven by rates & currencies, reflecting lower volatility

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