A very detailed breakdown of this year's winners and losers

Analysts at Morgan Stanley have produced a comprehensive chart showing how banks performed in the first nine months of 2009 on a business by business basis.

We've reproduced it (in large format) below.

All business areas experienced a significant slowdown in the third quarter, but some banks suffered more than others. As we noted yesterday, Barclays Capital was among those experiencing a more than averagely dramatic Q3 slowdown, along with Citigroup (BarCap is highlighted in the chart below as it's derived from a note on Barclays). By comparison, UBS and RBS had something of a revival.

On a business by business basis, Deutsche Bank drastically outperformed in IBD in the second quarter, and has dramatically grown its equities business. French banks SocGen and BNP have also consolidated their position in equities sales and trading, but have fallen behind in fixed income.

Notably, Bank of America Merrill Lynch did remarkably well in all areas except IBD in the third quarter. Since BofA and Merrill merged, the combined operation has lost large swathes of M&A staff, and there were rumours earlier this year that Merrill's investment bankers felt BofA was cramping their style.

Source: Morgan Stanley (figures are adjusted for FV/CVA, but not for marks).