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Participants in this discussion Standard Chartered Bank Group
Karen Fawcett (KF, Standard Chartered) JPMorgan
Mark Garvin (MG, JPMorgan) HSBC
Andrew Long (AL, HSBC) Bank of America Merrill Lynch
Dub Newman(DN, BofA Merrill Lynch) Citi
Francesco Vanni d’Archirafi (FVdA, Citi)
Deutsche Bank
Werner Steinmüller (WS, Deutsche) RBS
Brian Stevenson (BS, RBS) Interviewed by Laurence Neville, Euromoney |
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During the financial crisis, transaction banking became the star performer within many investment banks as capital markets revenues crashed. Has transaction banking’s star waned within banks as low rates have held back its performance and capital markets revenues have returned?
AL, HSBC Investment banking and markets can deliver stellar returns on a fairly random basis. Transaction banking returns are more stable. Having said that, most of us have shown a sharp drop in 2009 versus 2008 because of the impact of the global economy and market rate movements – but revenues will come back.
MG, JPMorgan Banks’ management and shareholders won’t forget the performance of transaction banking in 2008, when against a backdrop of unprecedented turbulence and market disruption it delivered reliable, stable and counter-cyclical results.
