March 16, 2010BanksExhibit 61FICC revenues: GS, JPM gained most share; DBKlost most, 1H07-2H09GSCJPM PF BSCBAC PF MERDBKBARCMSCSGHSBCBNPRBSGLENOMUBSLEH0% 2% 4% 6% 8% 10% 12% 14% 16% 18%10.4%11.5%8.6%10.8%10.1%10.7%10.5%7.7%10.9%10.3%9.1%7.2%8.5%5.4%6.5%5.1%3.1%5.0%2.7%3.4%7.7%2.6%1.7%2.3%0.9%1.9%4.1%5.3%15.9%2H091H07Exhibit 63Total i-bank revenues, 2H09 vs 1H07$ bn- 5 10 15 20 25GS18.320.4JPM PF BSC12.915.9C12.212.8BAC PF MER11.717.7DBK10.815.3BARC10.610.12H09MS9.914.01H07CSG8.211.6HSBC5.84.5NOMBNP2.25.85.14.6UBS4.89.9GLE4.44.3RBSLEH4.48.39.1Source: Company data, Morgan Stanley ResearchSource: Company data, Morgan Stanley ResearchExhibit 62Total investment bank revenues (ex legacy in manycases): GS <strong>and</strong> HSBC gained most share; Soc Gen<strong>and</strong> RBS lost most, 1H07-2H090% 2% 4% 6% 8% 10% 12% 14% 16% 18%GSJPM PF BSCCBAC PF MERDBKBARCMSCSGHSBCNOMBNPUBSGLERBSLEH11.5%10.1%10.0%9.6%8.0%9.2%11.1%8.5%9.7%8.3%6.3%7.8%8.9%6.5%7.3%4.6%2.8%4.6%1.4%4.0%2.9%3.8%6.3%3.5%2.7%3.4%5.2%5.7%16.1%2H091H07Source: Company data, Morgan Stanley Research48
March 16, 2010BanksExhibit 64Revenue per<strong>for</strong>mance <strong>and</strong> market shares in 2009All in $. Adjusts <strong>for</strong> FV/CVA but not marks% of revenues reportedIBD Q1 Q2 Q3 Q4 12 months Q1 Q2 Q3 Q4 FYJPM 1,380 2,239 1,658 1,892 7,169 15.9% 18.1% 16.0% 14.3% 16.1%BAC 1,055 1,646 1,254 1,255 5,210 12.2% 13.3% 12.1% 9.5% 11.7%GS 823 1,440 899 1,635 4,797 9.5% 11.6% 8.7% 12.4% 10.8%C 982 1,160 1,163 1,458 4,763 11.3% 9.4% 11.2% 11.0% 10.7%MS 812 1,123 1,039 1,480 4,454 9.4% 9.1% 10.0% 11.2% 10.0%BARC 688 943 758 1,053 3,442 7.9% 7.6% 7.3% 8.0% 7.7%UBS 601 885 821 807 3,113 6.9% 7.2% 7.9% 6.1% 7.0%DBK 454 989 911 715 3,068 5.2% 8.0% 8.8% 5.4% 6.9%CSG 393 634 734 1,171 2,932 4.5% 5.1% 7.1% 8.9% 6.6%RBS 756 175 295 614 1,840 8.7% 1.4% 2.9% 4.6% 4.1%BNP Paribas 294 365 257 246 1,163 3.4% 3.0% 2.5% 1.9% 2.6%Nomura 126 305 166 495 1,094 1.5% 2.5% 1.6% 3.7% 2.5%HSBC 193 281 243 289 1,006 2.2% 2.3% 2.3% 2.2% 2.3%Soc Gen 111 177 143 110 541 1.3% 1.4% 1.4% 0.8% 1.2%IBD subtotal 8,668 12,361 10,342 13,219 44,591 100.0% 100.0% 100.0% 100.0% 100.0%Equities Q1 Q2 Q3 Q4 12 months Q1 Q2 Q3 Q4 FYGS 2,504 3,793 3,302 2,431 12,030 17.2% 19.3% 18.1% 18.0% 18.2%CSG 2,012 2,041 1,756 1,104 6,913 13.8% 10.4% 9.6% 8.2% 10.5%C 1,244 1,795 1,324 732 5,095 8.5% 9.1% 7.3% 5.4% 7.7%MS 1,432 1,438 1,279 922 5,070 9.8% 7.3% 7.0% 6.8% 7.7%BAC 1,489 1,198 1,265 949 4,901 10.2% 6.1% 6.9% 7.0% 7.4%JPM 1,557 1,034 1,284 971 4,846 10.7% 5.3% 7.1% 7.2% 7.4%Soc gen (excl. legacy assets) 810 1,363 1,474 967 4,615 5.6% 6.9% 8.1% 7.2% 7.0%UBS 1,182 1,312 1,096 929 4,519 8.1% 6.7% 6.0% 6.9% 6.9%BARC 1,147 1,285 1,130 864 4,425 7.9% 6.5% 6.2% 6.4% 6.7%DBK 359 1,384 1,367 941 4,050 2.5% 7.0% 7.5% 7.0% 6.1%Nomura (219) 1,230 1,099 938 3,048 -1.5% 6.3% 6.0% 7.0% 4.6%RBS 532 564 463 746 2,305 3.7% 2.9% 2.5% 5.5% 3.5%HSBC (MSe) 565 462 595 439 2,061 3.9% 2.3% 3.3% 3.3% 3.1%BNP (54) 780 768 550 2,045 -0.4% 4.0% 4.2% 4.1% 3.1%Equity sub-total 14,559 19,680 18,202 13,484 65,924 100.0% 100.0% 100.0% 100.0% 100.0%FICC Q1 Q2 Q3 Q4 12 months Q1 Q2 Q3 Q4 FYGS 6,749 7,095 6,211 4,197 24,252 14.9% 15.8% 15.3% 19.4% 15.9%C 7,807 5,667 4,582 2,952 21,008 17.2% 12.6% 11.3% 13.6% 13.8%BARC (ex credit marks) 4,928 6,269 4,181 4,082 19,460 excluded excluded excluded excluded excludedJPM 5,721 5,127 5,006 2,066 17,920 12.6% 11.4% 12.4% 9.5% 11.8%BAC 4,789 5,584 4,480 2,507 17,360 10.6% 12.4% 11.1% 11.6% 11.4%RBS (ex credit marks) 5,136 3,294 2,950 2,332 13,712 excluded excluded excluded excluded excludedDBK 4,897 3,503 3,147 1,926 13,473 10.8% 7.8% 7.8% 8.9% 8.8%BARC (inc credit marks) 1,876 4,601 3,108 1,300 10,885 4.1% 10.2% 7.7% 6.0% 7.1%CSG 3,191 3,036 2,539 1,019 9,784 7.0% 6.7% 6.3% 4.7% 6.4%BNP 3,568 2,452 2,079 1,203 9,301 7.9% 5.4% 5.1% 5.6% 6.1%MS 2,274 2,315 2,610 1,186 8,385 5.0% 5.1% 6.4% 5.5% 5.5%HSBC (MSe) 2,482 2,482 2,003 1,336 8,303 5.5% 5.5% 4.9% 6.2% 5.4%Soc gen (excl. legacy assets) 2,080 1,515 1,330 377 5,301 4.6% 3.4% 3.3% 1.7% 3.5%RBS (inc credit marks) 990 1,112 1,680 570 4,351 2.2% 2.5% 4.1% 2.6% 2.9%Nomura 586 590 814 715 2,705 1.3% 1.3% 2.0% 3.3% 1.8%UBS (1,698) (53) 929 289 (533) NM NM 2.3% 1.3% NMFICC sub-total 45,310 45,025 40,519 21,642 152,496 100.0% 100.0% 100.0% 100.0% 100.0%Total revenues Q1 Q2 Q3 Q4 12 months Q1 Q2 Q3 Q4 FYGS 8,668 13,139 11,673 8,770 42,250 13.1% 16.5% 15.9% 16.3% 15.5%C 10,033 8,622 7,069 5,142 30,866 15.2% 10.8% 9.6% 9.6% 11.3%JPM 8,658 8,400 7,948 4,929 29,935 13.1% 10.5% 10.8% 9.2% 11.0%BAC 7,333 8,428 6,999 4,711 27,471 11.1% 10.6% 9.5% 8.8% 10.1%DBK 5,552 6,505 6,505 4,268 22,830 8.4% 8.2% 8.9% 8.0% 8.4%BARC 3,710 6,828 4,849 5,727 21,115 5.6% 8.6% 6.6% 10.7% 7.7%CSG 5,378 5,658 4,997 3,217 19,249 8.1% 7.1% 6.8% 6.0% 7.0%MS 3,278 5,258 5,823 4,037 18,396 5.0% 6.6% 7.9% 7.5% 6.7%HSBC (MSe) 3,644 3,582 3,935 2,356 13,516 5.5% 4.5% 5.4% 4.4% 4.9%BNP (advisory <strong>and</strong> markets) 3,808 3,597 3,105 1,999 12,509 5.8% 4.5% 4.2% 3.7% 4.6%Soc Gen (core, excl. legacy as 3,373 3,003 2,569 1,415 10,361 5.1% 3.8% 3.5% 2.6% 3.8%Nomura 758 3,038 2,829 2,996 9,621 1.1% 3.8% 3.9% 5.6% 3.5%RBS (incl credit marks) 2,278 1,851 2,438 1,930 8,497 3.4% 2.3% 3.3% 3.6% 3.1%UBS (254) 1,905 2,684 2,148 6,482 -0.4% 2.4% 3.7% 4.0% 2.4%Total sub-total 66,216 79,815 73,423 53,646 273,099 100.0% 100.0% 100.0% 100.0%Source: Company data, Morgan Stanley Research49
- Page 4 and 5: March 16, 2010BanksIn this report:1
- Page 6 and 7: March 16, 2010Banks2009 core revenu
- Page 8 and 9: March 16, 2010BanksExhibit 7Base ca
- Page 10 and 11: March 16, 2010Banks2) Margins - Tig
- Page 13 and 14: March 16, 2010BanksExhibit 13We saw
- Page 15 and 16: March 16, 2010Banks4) Regulatory Ch
- Page 17 and 18: March 16, 2010BanksExhibit 18Regula
- Page 19 and 20: March 16, 2010Banks5) Funding - dri
- Page 21 and 22: March 16, 2010Banks6) Derivatives M
- Page 23 and 24: March 16, 2010Banks7) Sustainable I
- Page 25 and 26: March 16, 2010BanksExhibit 26We hav
- Page 27 and 28: March 16, 2010Banks9) Compensation
- Page 29 and 30: March 16, 2010BanksExhibit 32Compet
- Page 31 and 32: March 16, 2010BanksReturn character
- Page 33 and 34: March 16, 2010BanksPart 2 - Investm
- Page 35 and 36: March 16, 2010BanksThe key point we
- Page 37: March 16, 2010Banksestimated normal
- Page 40 and 41: March 16, 2010BanksExhibit 43Indust
- Page 42 and 43: March 16, 2010BanksExhibit 45Europe
- Page 44 and 45: March 16, 2010BanksExhibit 50FICC:
- Page 46 and 47: March 16, 2010BanksExhibit 57Our ba
- Page 50 and 51: March 16, 2010Banks3. Regulatory ou
- Page 52 and 53: March 16, 2010BanksBasel III: Expec
- Page 54 and 55: March 16, 2010Banks4. Derivatives m
- Page 56 and 57: March 16, 2010BanksKey stock callsB
- Page 58 and 59: March 16, 2010BanksExhibit 78Gap ha
- Page 60 and 61: March 16, 2010BanksOur 2010e EPS mo
- Page 62 and 63: March 16, 2010BanksExhibit 86Group
- Page 64 and 65: March 16, 2010Bankscutting measures
- Page 66 and 67: March 16, 2010Banksis possible if r
- Page 68 and 69: March 16, 2010BanksExhibit 971Q pro
- Page 70 and 71: March 16, 2010Banksupside to fundra
- Page 72 and 73: March 16, 2010BanksImperial Bank of
- Page 74 and 75: March 16, 2010Banksis 30% or more d
- Page 76: MORGAN STANLEY RESEARCHThe Americas
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