Q3 Preview: Low Volumes Continue To Drag On Investment Banks
Low volatility and trade volumes depressed 1H14 results for most investment banks, and while year-on-year comparisons will get easier in the fourth quarter Jefferies Analyst Ken Usdin sees continued difficulties for most of the big nine investment banks for the rest of this quarter.
“QTD metrics, as well as mgmt. commentary thru the first weeks of 3Q, suggest that fixed income and equity trading volumes and volatility remain relatively muted absent some specific high volatility days (usually around Fed-watching or political news),” writes Usdin . . .
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