Global investment banking earnings are expected to drop sharply for the second quarter after brutally tough market conditions saw trading commissions dry up and the market for takeovers and initial public offerings freeze.
Analysts are predicting that many European banks will see a drop of 50 per cent year on year in sales, trading and advisory revenues from April to June. In the US, the boom in trading commissions that powered earnings?in?the?past?year?also?appears to have ground to a halt.
The European sovereign debt crisis, uncertainty over US financial regulation and worries over the global economy have sent investors and corporates scurrying for the sidelines, with dire results for many banks’ bottom lines.
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