Global Investment Banks

Issuer In-Depth

JPMorgan Chase & Co.: As a banking ‘decathlete’ breaks the tape on Investor Day, four questions stand out from crowd for bondholders

19 May 2022|Moody's Investors Service

In the real-life stress test of 2020-21, JPM’s diversified, complete and at-scale business performed well for creditors, who may have several key questions on the bank's investor day.

Sector In-Depth

Global Investment Banks – UK and Europe: Q1 2022 Update: Weaker macroeconomic forecasts, rising inflation partially offset rising revenue

05 May 2022|Moody's Investors Service

The Q1 2022 results of UK- and Europe-based global investment banks were good, despite a spike in litigation and restructuring charges and higher provisions against expected credit losses.

Sector In-Depth

Global Investment and Universal Banks – US: Q1 2022 Update: Profit down as reserve release wanes, and CET1 capitalization declines in quarter

18 Apr 2022|Moody's Investors Service

All six US-based global investment and universal banks reported a sequential decline in their Common Equity Tier 1 capitalization during the first quarter. Reserve releases should be less of a driver of pretax profit for the rest of 2022 now that much of the reserve buildup during the height of the pandemic has been released.

Sector In-Depth

Global Capital Markets Firms – Europe: Q4 2021 Update Macroeconomic improvements and lower credit risk drive strong profit

24 Feb 2022|Moody's Investors Service

The Q4 2021 results of Europe-based global capital markets firms were strong, primarily driven by a 74% drop in provisions against expected credit losses.

Issuer In-Depth

Citigroup Inc.: A tighter multiyear strategy takes shape to strengthen controls and narrow profit gap with peers

23 Feb 2022|Moody's Investors Service

Closing the profitability gap with peers will be a challenging, multiyear project for Citigroup, but the outlines of a new bondholder-friendly direction for the bank are emerging.

SECTOR IN-DEPTH

Global Investment Banks – US: Q4 2021 Update: Continued investment banking and asset management strength offset by lower reserve releases and higher expenses

20 Jan 2022|Moody's Investors Service

The Q4 2021 results of the US-based GIBs reflect the continuing benefit they derive from extraordinarily robust investment banking as well as the higher asset and wealth management fees.

SECTOR IN-DEPTH

Global Investment Banks – US: Q3 2021 Update: Benign credit conditions, diversification, and investment banking support profits

15 Oct 2021|Moody's Investors Service

The solid third quarter results of the five US-based GIBs reflect the global reach of their institutional capital markets platforms, pristine credit quality, as well as the scale and diversification of their other franchises, such as asset management.

ISSUER IN-DEPTH

Deutsche Bank’s strides in profitability show its credit positive restructuring is solidly on track

04 Aug 2021|Moody's Investors Service

Stronger, more diverse earnings, if sustained, will buffer the more volatile results of DB's capital markets business in adverse markets and – together with the bank's meaningfully lower expense base – equip it to achieve the financial targets set out in its strategic overhaul.