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Global Banks' And Brokers' Securities-Related Businesses Appear To Be Past The Trough, But Improvement Will Be Gradual Jun 09 Product Image

Global Banks' And Brokers' Securities-Related Businesses Appear To Be Past The Trough, But Improvement Will Be Gradual Jun 09

  • ID: 1752810
  • June 2009
  • Region: Global
  • Standard & Poors

FEATURED COMPANIES

  • Bank of America Corp.
  • Barclays Bank PLC
  • Citigroup Inc.
  • Credit Suisse AG
  • Deutsche Bank AG
  • JPMorgan Chase & Co.
  • MORE

Abstract
While U.S. banks in virtually every major market are feeling the severe effects of both the weak economy and their own mounting credit losses, we believe global banks' securities-related businesses have already seen the worst. The current downturn hit these businesses first on several fronts. Among the problem areas were asset-backed securities (ABS), collateralized debt obligations (CDOs), residential mortgage-backed securities (RMBS), and monoline-related and leveraged finance positions. Also crimping the global banks' results were a drastic slowdown in business activity, which began playing out in mid-2007 and accelerated through late 2008. However, we now think that fourth-quarter 2008 likely marked the trough for these banks' trading operations and that first–quarter 2009 has seen the bottom for their investment banking, asset...

Companies mentioned in this report are:
- Deutsche Bank AG
- Bank of America Corp.
- Barclays Bank PLC
- Morgan Stanley
- JPMorgan Chase & Co.
- Citigroup Inc.
- Credit Suisse AG
- The Goldman Sachs Group Inc.
- UBS AG

Standard and Poors RatingsXpress Credit Research provides in-depth coverage READ MORE >

- Deutsche Bank AG
- Bank of America Corp.
- Barclays Bank PLC
- Morgan Stanley
- JPMorgan Chase & Co.
- Citigroup Inc.
- Credit Suisse AG
- The Goldman Sachs Group Inc.
- UBS AG

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