Goldman Sachs broke the mould for fixed income market makers in Q1, achieving a 6% year-on-year revenue growth, reaching US$3.47 billion.
However, despite declines in earnings of 7% and 10% respectively, JP Morgan and Citi remained leaders in the space, each with US$5.29 billion and US$4.15 billion in FICC intermediation/trading orders over the quarter. Bank of America trailed with US$3.3 billion, but just a 4% YoY decline.
In debt underwriting, Citi recorded the most positive YoY change — a 62% increase in revenue to $575 million — but JP Morgan again led the pack with US$1 billion in earnings, a 58% rise from Q1 2023.
Bank of America followed with US$885 million, and a 37% YoY change, with Goldman Sachs recording US$699 million in revenue, representing a 38% increase.
©Markets Media Europe 2024
