JP Morgan’s fixed income markets revenue for fourth quarter 2023 were US$4 billion, up 8% YoY, driven by higher revenue in the securitised products group, partially offset by lower revenue in rates, with market revenues tracking US$28 billion, down 1.2% on full year 2022.
That growth was an outlier and put JP Morgan’s fixed income trading revenues at 40% or greater than those of its rivals. Citi’s fixed income revenues were US$2.6 billion for Q4, down 33% QoQ and 25% YoY, while earning US15 billion for the full year which was down 6% against 2022. Bank of America’s Q4 FICC trading netted US$2.2 billion in Q4 2024, down but over the full year the firm saw FICC trading revenues rise to US$11.1 billion up from US$9.9 billion, which was outstanding from its peers.
At Goldman Sachs, net revenues in FICC were US$2.03 billion, with intermediation being US$1.3 billion, 24% lower than the fourth quarter of 2022, reflecting significantly lower net revenues in FICC intermediation, driven by significantly lower net revenues in interest rate products and currencies and lower net revenues in commodities and credit products, partially offset by higher net revenues in mortgages.
Net revenues in FICC for the full year were US$12.06 billion, 18% lower than a strong 2022, reflecting significantly lower net revenues in FICC intermediation, driven by significantly lower net revenues in currencies and commodities and slightly lower net revenues in interest rate products, partially offset by significantly higher net revenues in mortgages and higher net revenues in credit products, according to the firm.
Morgan Stanley saw fixed Income net revenues versus a year ago reflecting increased client activity partially offset by lower results in credit products, US$1.434 billion from US$1.418 billion. For the full year, Morgan Stanley saw fixed Income net revenues down 15% YoY. Fixed Income net revenues decreased from a strong prior year, primarily driven by declines in foreign exchange and commodities on less favourable market conditions and lower client activity.
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