In 3Q15, capital market revenue for 13 banks in this report reached $37bn, 12% below 3Q14; equity revenues grew slightly y/y, but issuance and advisory and particularly FICC dropped. The 9m15 revenue totalled $139bn, 4% below 9m14. Banks maintained tight cost controls, especially in comp & benefits, but - partly due to ongoing litigation charges - were unable to fully offset a decline in revenue. The 9m15 pre-tax profit declined by 6% overall. Primary activities suffered the most, followed by FICC; equities, by contrast, grew their pre-tax profit considerably. European banks were in focus in 3Q15. Deutsche Bank is embarking on 'Strategy 2020', Barclays on 'Strategy Refresh', Credit Suisse is 'right-sizing' and BNP Paribas will filter clients via 'big data'; details are in the Company section. In the UK, the regulators seem determined to ringfence 'risky' and 'traditional' banking (for Barclays, the cost may total £1bn+ in 2016-2018); in contrast, the EU recently ruled out mandatory separation in favour of more capital. Prop trading will likely be banned throughout EU.

1. Sector
1 / 6 13 November 2013
© Tricumen Limited 2015. All rights reserved.
-
Capital Markets: Results Review 3Q15 / 9m15
In 3Q15, capital market revenue for 13 banks in this report reached $37bn, 12% below 3Q14;
equity revenues grew slightly y/y, but issuance and advisory and particularly FICC dropped. The
9m15 revenue totalled $139bn, 4% below 9m14.
Banks maintained tight cost controls, especially in comp & benefits, but - partly due to ongoing
litigation charges - were unable to fully offset a decline in revenue. The 9m15 pre-tax profit
declined by 6% overall. Primary activities suffered the most, followed by FICC; equities, by
contrast, grew their pre-tax profit considerably.
European banks were in focus in 3Q15. Deutsche Bank is embarking on 'Strategy 2020', Barclays
on 'Strategy Refresh', Credit Suisse is 'right-sizing' and BNP Paribas will filter clients via 'big data';
details are in the Company section. In the UK, the regulators seem determined to ringfence 'risky'
and 'traditional' banking (for Barclays, the cost may total £1bn+ in 2016-2018); in contrast, the EU
recently ruled out mandatory separation in favour of more capital. Prop trading will likely be
banned throughout EU.
Operating Revenue (9m14) (9m15)
% change share of peer group operating revenue and pre-tax profit (9m15 / 9m14)
Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/equivalent and one-offs.
(3) Headcount: Front office full-time equivalent, adjusted for seniority. (4) Pre-tax profit excludes Prop & Principal Investments..
$2.1m
$3.6m
$2.0m
0.5
1
1.5
2
2.5
3
0.8 1 1.2
$2.1m
$3.4m
$1.9m
0.5
1
1.5
2
2.5
3
0.8 1 1.2
FICC
Equity
Prop &
PrincInv
Primary
Operating Revenue
(US$bn)
Op't Revenue /FO FTE
Headcount (US$m)
Operating Revenue
(US$bn)
Op't Revenue /FO FTE
Headcount (US$m)
$4.8bn $4.0bn
$34.1bn $37.8bn
$65.7bn $59.2bn
$40.0bn
$38.0bn
0
20
40
60
80
100
120
140
9m14
0.2%
-0.0%
-0.0%
0.0%
-0.7%
-0.5%
-0.1%
0.1%
0.8%
1.0%
-0.9%
-0.2%
0.3%
3.1%
3.2%
1.1%
1.5%
-1.8%
-12.2%
-5.2%
1.3%
4.3%
1.7%
-5.3%
0.9%
7.5%
-0.15
-0.1
-0.05
0
0.05
0.1
BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS
mkt
share
gain
mkt
share
loss
Revenue
Pre-Tax Profit

2. Sector
2 / 6 13 November 2013
© Tricumen Limited 2015. All rights reserved.
Primary issuance & Advisory
DCM bond fees in 3Q15 were 10% below 3Q14 for Top 13 banks, but with wide variations between
banks. Global volumes declined by c.15% in both bonds and loans, but fees margins held fairly
firm in both EMEA and Americas and, in bonds, in APAC as well. In securitisation, SG's CEO Oudea
expressed (justifiable, in our view) doubts that EU proposals to revive the market (and raise funds
to spur economic growth) will increase the volumes.
ECM fees, badly impacted by market volatility, almost halved 3Q15/3Q14. Regionally, to end-
9m15, fees grew only in APAC ex-Japan, and that only by a modest 10% vs 9m14; Americas and
EMEA fees fell 10% and 35%, respectively, with margins in both dropping far faster than volumes.
M&A/Advisory enjoyed a bumper 3Q15 amid a flurry of megadeals (the combined value of $10bn+
deals in 9m15 exceeded the previous 2009 record) and APAC volumes hitting an all-time high.
Banks' margins shrank, however: the total 3Q15 fee intake for banks in this reports was 16%
ahead of the prior-year period, far below 35% growth in global volumes; banks grew fees by
c.20% in Americas, but suffered a 5-10% contraction in EMEA and APAC.
Operating Revenue (9m14) (9m15)
% change share of peer group operating revenue and pre-tax profit (9m15 / 9m14)
Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/equivalent and one-offs.
(3) Headcount: Front office full-time equivalent, adjusted for seniority. (4) Pre-tax profit excludes Prop & Principal Investments.
$2.2m
$6.7m
$1.2m
0.5
1
1.5
2
2.5
3
0.8 1 1.2
$2.2m
$5.3m
$1.3m
0.5
1
1.5
2
2.5
3
0.8 1 1.2
DCM &
Securitisation
ECM
M&A /
Advisory
Operating Revenue
(US$bn)
Op't Revenue /FO FTE
Headcount (US$m)
Operating Revenue
(US$bn)
Op't Revenue /FO FTE
Headcount (US$m)
$8.5bn
$10.2bn
$9.1bn
$7.6bn
$22.5bn
$20.3bn
0
5
10
15
20
25
30
35
40
9m14
-0.0%
-0.1%
-0.2%
-0.1%
-1.0%
-0.9%
1.7%
-0.1%
1.8%
0.2%
-0.9%
0.1%
-0.6%
2.4%
2.5%
1.7%
1.5%
-0.3%
-10.7%
-6.9%
1.4%
5.4%
1.3%
1.4%
0.3%
0.0%
-0.12
-0.1
-0.08
-0.06
-0.04
-0.02
0
0.02
0.04
0.06
0.08
BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS
mkt
share
gain
mkt
share
loss
Revenue
Pre-Tax Profit

3. Sector
3 / 6 13 November 2013
© Tricumen Limited 2015. All rights reserved.
FICC
In 3Q15, FX spot markets saw a healthy increase in the 'client wallet' revenue opportunity. Swaps
market was subdued, however, and FX options were essentially unchanged vs 3Q14. Institutional
eFX registered modest falls in both spot and forwards.
Rates markets remained depressed by the combination of the weakness in emerging markets and
ever-stricter capital constraints imposed by regulators (CS is dropping its primary dealer role in
European and UK sovereigns; it will remain a primary dealer in USTs.) The short-end US market
benefited from improved rates, countered by falls in overnight and term repo; Europe did slightly
better. Unusually, muni markets registered a sharp drop. Trading in Latin America surged y/y.
The revenue opportunity in US high grade credit markets grew at steady pace, but high yield
weakened; European trading was down, to a degree. CDO issuance had a difficult summer.
Commodities 3Q15 revenue extended a decline seen in 1H15 despite a relatively healthy trading
activity in metals and flow energy. APAC revenues, however, declined versus the prior-year period.
Operating Revenue (9m14) (9m15)
% change share of peer group operating revenue and pre-tax profit: (9m15 / 9m14)
Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/equivalent and one-offs.
(3) Headcount: Front office full-time equivalent, adjusted for seniority. (4) Pre-tax profit excludes Prop & Principal Investments.
$3.7m
$2.9m
$4.4m
$2.5m
0.5
1
1.5
2
2.5
3
0.8 1 1.2
$4.4m
$3.0m
$4.0m
$3.2m
0.5
1
1.5
2
2.5
3
0.8 1 1.2
FX
Rates
Credit
Commodities
Operating Revenue
(US$bn)
Op't Revenue /FO FTE
Headcount (US$m)
Operating Revenue
(US$bn)
Op't Revenue /FO FTE
Headcount (US$m)
$4.8bn $4.0bn
$22.4bn
$17.6bn
$23.4bn
$21.9bn
$15.0bn
$15.7bn
0
10
20
30
40
50
60
9m14
0.7%
0.4%
0.2%
0.8%
-1.1%
-0.1%
-1.3%
0.3%
0.1%
1.0%
-1.3%
-0.5%
0.9%
2.3%
10.5%
1.8%
1.8%
-8.6%
-6.8%
-6.7%
0.9%
7.6%
0.1%
-20.1%
-5.3%
22.5%
-0.25
-0.2
-0.15
-0.1
-0.05
0
0.05
0.1
0.15
0.2
0.25
BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS
mkt
share
gain
mkt
share
loss
Revenue
Pre-Tax Profit

4. Sector
4 / 6 13 November 2013
© Tricumen Limited 2015. All rights reserved.
Equities
Cash equity volumes in electronic and hi-touch markets advanced in 3Q15, both in the US and
Europe. In APAC ex-Japan, a surge in the early summer was followed by a sharp slowdown in
August and September, reversing some of the growth spurred by the Mutual Market Access
between mainland China and Hong Kong.
Flow equity derivatives enjoyed, on the whole, strong July and August. Structured issuance grew
strongly in Europe, and APAC was slightly ahead of both 3Q14 and 2Q15.
Prime services extended steady gains seen in 1H15; in the US, 3Q15 securities lending is 55%
ahead of 3Q14 (+4% sequentially). The leading US providers - Goldman Sachs, Morgan Stanley
and J.P.Morgan - are winning market share from their European counterparts (especially from
Deutsche Bank and Credit Suisse), mostly because the later are more impacted by Basel 3 leverage
rules. The US banks are also known to be increasing the fees for their prime services, tailoring
them for individual clients' size of the fund and the overall volume of business.
Operating Revenue (9m14) (9m15)
% change share of peer group operating revenue and pre-tax profit (9m15 / 9m14)
Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/equivalent and one-offs.
(3) Headcount: Front office full-time equivalent, adjusted for seniority. (4) Pre-tax profit excludes Prop & Principal Investments.
$1.2m
$2.5m
$2.3m
0.5
1
1.5
2
2.5
3
0.8 1 1.2
$1.3m
$2.7m
$2.3m
0.5
1
1.5
2
2.5
3
0.8 1 1.2
EQ Cash
EQ Derv'&
Converts
Prime
Services
Operating Revenue
(US$bn)
Op't Revenue /FO FTE
Headcount (US$m)
Operating Revenue
(US$bn)
Op't Revenue /FO FTE
Headcount (US$m)
$8.5bn $9.1bn
$15.7bn
$17.7bn
$9.8bn
$11.0bn
0
5
10
15
20
25
30
35
9m14
-0.2%
-0.9%
-0.6%
-0.2%
-0.4%
-1.1%
0.8%
0.9%
1.3%
1.0%
-0.2%
-0.3%
15.3%
-9.0%
-7.8%
6.1%
9.3%
-27.9%
10.5%
-2.4%
-7.9%
7.8%
25.1%
-19.1%
-0.4
-0.3
-0.2
-0.1
0
0.1
0.2
0.3
BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS
N/Amkt
share
gain
mkt
share
loss
Revenue
Pre-Tax Profit

5. Sector
5 / 6 13 November 2013
© Tricumen Limited 2015. All rights reserved.
Revenue dynamics
9m15 / 9m14 (Operating revenue, % change, US$, Global Level 1)
3Q15 / 3Q14 (Operating revenue, % change, US$, Global Level 1)
Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Arrows show % change in revenue vs peers. Up-
/down-arrows: top-/bottom-quartile. (3) Revenue is post-writedowns, excludes DVA/equivalent and one-offs, as described in
the Company Section.
BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS Top 25% Bottom25%
Capital Markets: Total -2% -9%
Primary -3% -14%
DCM Bonds +3% -26%
DCM Loans -0% -23%
Securitisation N/M -8% -20%
ECM N/M -9% -27%
M&A / Advisory N/M +26% -1%
Secondary +1% -9%
FX +20% -9%
Rates +2% -13%
Credit -13% -27%
Commodities N/M -0% -17%
EQ Cash N/M +14% +5%
EQ Derv & Converts N/M +16% +4%
Prime Services N/M +8% +4%
Prop Trading N/M N/M N/M N/M N/M -5% -35%
Principal Investments N/M N/M N/M N/M N/M N/M N/M N/M N/M -3% -54%
BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS Top 25% Bottom 25%
Capital Markets: Total -4% -22%
Primary +2% -25%
DCM Bonds +6% -26%
DCM Loans +0% -17%
Securitisation N/M -12% -21%
ECM N/M -29% -47%
M&A / Advisory N/M +22% +1%
Secondary -2% -25%
FX +2% -22%
Rates N/M -8% -33%
Credit N/M N/M +2% -28%
Commodities N/M -5% -30%
EQ Cash N/M +17% -8%
EQ Derv & Converts N/M N/M +15% -8%
Prime Services N/M +6% -2%
Prop Trading N/M N/M N/M N/M N/M +0% -21%
Principal Investments N/M N/M N/M N/M N/M N/M N/M N/M N/M +28% -53%

6. Sector
6 / 6 13 November 2013
© Tricumen Limited 2015. All rights reserved.
About Tricumen
Tricumen was founded in 2008. It quickly became a strong provider of diversified market intelligence
across the capital markets and has since expanded into transaction and corporate banking coverage.
Tricumen’s data has been used by many of the world’s leading investment banks as well as strategy
consulting firms, investment managers and ‘blue chip’ corporations.
Situated near Cambridge in the UK, Tricumen is almost exclusively staffed with senior individuals with
an extensive track record of either working for or analysing banks; and boasts what we believe is the
largest capital markets-focused research network of its peer group.
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permission of Tricumen Limited. Such consent is often given, provided that the information released is
sourced to Tricumen and that it does not prejudice Tricumen Limited’s business or compromise the
company’s ability to analyse the financial markets. Full acknowledgement of Tricumen Limited must be
given.
Tricumen Limited has used all reasonable care in writing, editing and presenting the information found
in this report. All reasonable effort has been made to ensure the information supplied is accurate and
not misleading. For the purposes of cross- market comparison, all numerical data is normalised in
accordance to Tricumen Limited’s proprietary product classification. Fully-researched dataset may
contain margin of error of 10%; for modelled datasets, this margin may be wider.
The information and commentary provided in this report has been compiled for informational purposes
only. We recommend that independent advice and enquiries should be sought before acting upon it.
Readers should not rely on this information for legal, accounting, investment, or similar purposes. No
part of this report constitutes investment advice, any form of recommendation, or a solicitation to buy
or sell any instrument or to engage in any trading or investment activity or strategy. Tricumen Limited
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© Tricumen Limited 2015. All rights reserved