波士顿咨询2005年8月投资银行和资本市场报告 TABLE OF CONTENTS Chapter Page Investment Banking Results Second Quarter 2005 Growth Opportunities in Equity Derivatives Market Review •Corporate Finance and Advisory •Fixed-Income Trading •Equity TradingData Definitions 此资料来自www.m448企业管理资源网，大量的管理资料下载 Investment Banking Results Second Quarter 2005 INVESTMENT BANKS FACED A DIFFICULT MARKET ENVIRONMENT IN THE SECOND QUARTER 2005BCGperformance index plunged by a record 50.8 points to 87.1 in the second quarter 2005 as fixed-income trading revenues were hit by rising U.S. short-term interest rates •Banks faced a challenging market environment as the spread between short-term and long-term interest rates in the United States further declined to merely 25 basis points•As a result, trading revenues of ten leading banks declined by 26 percent from the previous quarter Corporate finance and advisory revenues improved, but not enoughto compensate for the trading revenue losses•Corporate finance revenues increased by 3.5 percent from last quarter supported by stronger advisory business, while equity underwriting remained slowOverall performance was also affected by lower profit margins because banks weren’t able to adapt their cost base to the revenue declines quickly enough •Pretax profit margins decreased by 7 percent from the previous quarter While most banks’results suffered dramatically in the second quarter, a few banks weathered the difficult market conditions remarkably well •Merrill Lynch generated as much revenue as in the first quarter and even improved profit margins slightly ......