Macro environment mutes investment bank earnings

Earnings at the big US banks are struggling to take off amid continued macroeconomic uncertainty.

US investment banks have announced a mixed set of results during the past week. A preliminary look at the numbers shows that Citi, Goldman Sachs and J.P. Morgan all booked improvements, while Bank of America Merrill Lynch and Morgan Stanley lost ground.

None of the banks provide a separate regional breakdown of revenues for advisory, equity capital markets and debt capital markets, and J.P. Morgan's breakdown is somewhat buried. Across the four banks that publish separate numbers, total revenue from DCM and advisory declined from the previous quarter, by 3% and 19%, respectively, while ECM revenues rose 28%.

Goldman continues to outshine, with total investment...

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