Who won and who lost in sales and trading in the second quarter?

Now that JPMorgan, Bank of America, Citigroup, Goldman, Morgan Stanley, Credit Suisse, Deutsche and UBS have all reported second quarter results, it's possible to get a better idea of who performed well, and who didn't, in Q2.

Jon Peace and the analysts at Nomura have produced clean results which show sales and trading revenues at each bank after allowances for one off events and changes in the value of own debt.

The results, shown below, show that Bank of America was the clear loser in fixed income, while Goldman and Citigroup were clear losers in equities. By comparison, Morgan Stanley's fixed income business didn't (actually) fare too badly compared to others, and UBS and Credit Suisse clearly won in equities.

For anyone who can't see the charts below due to firewall issues, we've added the figures at the bottom of this page.

Clean equities sales and trading revenues quarter on quarter and year on year

Source: Nomura

Clean fixed income sales and trading revenues quarter on quarter and year on year

Source: Nomura

FICC revenue changes, quarter on quarter, year on year

JP Morgan: Q2vsQ1: -42%; Q2vs.Q2: -45%

Bank of America: Q2vsQ1: -58%; Q2vs.Q2: -59%

Citi: Q2vsQ1 -38%; Q2vs.Q2: -46%

Goldman Sachs: Q2vsQ1: -46%; Q2vs.Q2:-49%

Morgan Stanley: Q2vsQ1: -37%; Q2vs.Q2:-25%

Credit Suisse: Q2vsQ1: -38%; Q2vs.Q2:-50%

UBS: Q2vsQ1: -44%; Q2vs.Q2: 22%

Deutsche: Q2vsQ1: -42%; Q2vs.Q2: -29%

Source: Nomura

Equities revenue changes, quarter on quarter, year on year

JP Morgan: Q2vsQ1: -43%; Q2vs.Q2: -19%

Bank of America: Q2vsQ1: -44%; Q2vs.Q2: -29%

Citi: Q2vsQ1: -49%; Q2vs.Q2: -65%

Goldman Sachs: Q2vsQ1: -48%; Q2vs.Q2: -62%

Morgan Stanley: Q2vsQ1: -33%; Q2vs.Q2: -16%

Credit Suisse: Q2vsQ1: 2%; Q2vs.Q2: -23%

UBS: Q2vsQ1: 4%; Q2vs.Q2: -10%

Deutsche: Q2vsQ1: -36%; Q2vs.Q2: -35%

Source: Nomura