The miss appears to be weakness in the trading portion of the Investment Bank unit, a frequent culprit due to its excessive volatility versus peers.
More Quotes from 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
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
Unlike in the past, it can't acquire its way out of the growth slowdown.
Guy Moszkowski
Results were extremely strong in almost every category, with particular strength in fixed income and equity trading, each producing well over 400 million more than we had forecast in revenue, for a total trading 'surprise' of 1BB in revenue.
Guy Moszkowski
They are getting one of the prime companies in both Nasdaq market marking and securities clearing for a multiple that we estimate at not more than 14 times earnings, so we think this is a very good deal for them.
Guy Moszkowski
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