Global investment banks suffered declines of as much as 56 per cent in their trading businesses in the first three months of the year, analysts believe, stoking fears of further lay-offs for staff and lower dividends for shareholders.
Europe’s shrinking investment banks bore the full brunt of the difficult environment for the buying and selling of assets such as bonds, stocks and commodities on behalf of clients. It was highlighted by Credit Suisse’s admission last week that its trading revenue had fallen 40-45 per cent this year.
Not only are many European banks reorganising and trying to sell assets into a falling market but they also have less exposure to the US market, which has fared better than Europe and Asia.
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