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Fixed income research consumers tell us which research teams have impressed them most over the last 12 months.

The last instalment of our results analysis looks at banks’ markets businesses

Day 2 of our look at the performance of the 12 big CIBs over the past year, this time focusing on the investment banking business lines

With HSBC having reported on Monday, the last of the 2Q18 results are in for the 12 main global corporate and investment banks; now for part 1 of our number-crunch

Australia

A year ago, Euromoney sat with Citi’s Asia chief executive, Francisco Aristeguieta, as he outlined the progress Citi was making with a regional transformation: in consumer, in digital, in China and in trade corridors. Citi was sure it had a winning formula, but we said we needed to see evidence of it working.

Equity capital markets moves at Citi and BAML say more about the two firms than they do about ECM.

If there is one bank in North America that is shoring up the financial system, moving finance into a modern era and willing to do what it takes to create a healthy, safe and prosperous society for employees, clients and communities, it is Citi, North America’s best bank for corporate responsibility.

Central and eastern Europe has found itself at the cutting edge of technology development, and Citi has shown itself to be an innovator in supporting its clients during this exciting time. For that reason, it is the region’s best bank for transaction services.

Citi may not have won best investment bank in Africa this year, but the financing capabilities it displayed over the last 12 months deserve recognition. The bank showed strength in loans, debt capital markets and equity capital markets.

A stellar capital markets franchise, deepening advisory capability and extensive on-the-ground presence proved a winning combination for Citi in CEE investment banking.

Africa has seen a seismic shift in its transaction banking operations in recent years. With many international banks retrenching, those who remain are bedding in and extending their reach across the continent.

The firm has consistently demonstrated its commitment to work alongside communities and support their growth.

Global growth provided the backdrop for a strong year for Citi’s financing businesses, while the return of volatility has showcased the value of its great reach

Citi wins the region’s best bank for financing award. The investment banking team, led by Chris Gilfond, head of capital markets origination at Citi Latin America, has enjoyed greater focus from management as the bank pulled out of all but one of the region’s retail markets. After a string of disposals in recent years, it has been reinvesting.

Starting with its appointment of Alison Harding-Jones from UBS’s Asian business to head European M&A, Citi had an outstanding year that appeared only to get better towards the end of the awards period, making it western European’s best bank for advisory.

Argentina

Good, sustainable returns for shareholders are finally in sight, 10 years after the global financial crisis.

The firm is a genuine contender in investment banking in every region of the world.

Austria

Bank of America and Citi win top prizes; Credit Suisse’s Tidjane Thiam is named Banker of the Year; Asian banks make their mark in global awards.

The old charges against Citi’s wholesale banking division no longer apply. Its scale and breadth are a big positive that no other bank can match. Its diversity and balance are clear strengths that its competitors increasingly envy. As a firm, it’s more joined up than anyone thought possible. And its clients value what Citi can deliver more than ever before.

Australia is used to regulatory and reputational calamity, but a case against ANZ, Citi and Deutsche has taken a more personal turn.

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Euromoney magazine has released the results of its 40th annual foreign exchange ranking, the most comprehensive quantitative and qualitative annual study available on the FX markets.

Emirates NBD wins award for the Middle East’s best bank; Citi scoops regional investment banking category; winners demonstrate commitment to areas such as digital transformation, SME lending and corporate social responsibility across the region.

Bahrain Best Bank

Middle East investment banking volumes saw a tentative rebound in 2017, after a drop in 2016, suggesting that regional reform is already producing opportunities for deal makers, after the demise of the international sovereign buy-outs of the oil-boom era.