In terms of investment banking, in terms of capital markets, in terms of investment management, really everything was very positive. Their outlook statement was also quite positive their backlogs are up compared to where they were last year and they expect to be able to continue to pick up market share.
More Quotes from Guy Moszkowski:
To think they're immune would be very imprudent, and I'm sure they'd be the first to agree with me on that. But from everything I can infer, the second quarter is starting out just as strong as the first, and they manage their risk very well. Earnings growth could contract quite a bit if things get bad, but they're well protected from severe loss in most any market environment.Guy Moszkowski
The recent moves to eliminate the worst-performing 10 percent of brokers and rein in the training program are a good start to improving margins. But these are just the first steps.
Guy Moszkowski
Trends look very strong for fixed income, with investment grade issuance up strongly and high yield issuance levels performing well. Equity underwriting has been more mixed in the first quarter, but remains very strong, especially in the U.S., and backlogs have been building.
Guy Moszkowski
The U.S. origination business may be slowing while it is growing in other markets.
Guy Moszkowski
It basically allows them to internally cross more of their Nasdaq volume. It takes the number of stocks that they can make markets in on the Nasdaq up over 6,000 from 300 or so stocks they do now.
Guy Moszkowski
They really have built a very impressive investment-banking capability. They won't always be No.1, but they clearly have been effective in merging their investment and commercial banks.
Guy Moszkowski
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