Guy Moszkowski Investment Quotations

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.

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.

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.

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.