Not that it matters anymore, but the Financial Stability Board is still keeping tabs on the riskiness of the world’s banks, ours included. Even before President Trump throws off their shackles, three of them have been getting a little friskier. No prizes for guessingwhichones.
Citigroup, Bank of America and Wells Fargo, as well as the Industrial and Commercial Bank of China, all moved up in the latest ranking of so-called global systemically important banks by the Financial Stability Board, a Switzerland-based group of central bankers and financial regulators from the world’s largest economies.
At least one Wall Street bank, however, is still living as though we are not in a post-risk world.
On Monday, the Financial Stability Board also deemed three banks less risky to global financial stability than they were last year: Barclays, HSBC and Morgan Stanley. All three have sold part of their riskier businesses or reduced the size of some of them in the past year.
Now that academic exercise is out of the way, let’s talk about some rankings that really matter: The ones that make, rather than restrict the making of, money. In spite of its aforementioned efforts, Brian Moynihan & co. simply weren’t able overtake hometown favorites UBS as the biggest equities house in Europe. But at least there’s a ranking now that puts BriMoy ahead of Jamie Dimon and James Gorman.
The quartet of Deutsche Bank, Morgan Stanley, Credit Suisse and JPMorgan Chase & Co took joint third with a market share of about 7 percent each….
UBS was helped by its healthy lead in market share for algorithmic trading which accounts for a significant portion of regional equity volumes. Its 13.9 percent market share in this area was ahead of Morgan Stanley's 9.3 percent market share….
Morgan Stanley topped Greenwich's list of market share leaders in European research and advisory. UBS and Exane BNP Paribas tied for second.