Barclays Plc, BNP Paribas SA and Deutsche Bank Group AG have all made big promises about the growth to come from their investment banks as part of their aims to boost profits for shareholders. It might be unfair to judge progress against a single quarter’s fresh results, but of the three Barclays looks most off the pace.
The first three months of 2024 saw a good rebound in investment banking activity, particularly in raising debt finance for companies, which is a core business for Barclays and Deutsche Bank. The big five US investment banks reported a combined 46% year-over-year rise in first-quarter debt capital markets revenue this month. Deutsche Bank reported a near-70% rise in dollar terms, beating all rivals, while Barclays reported a 23% rise behind all other peers by some distance.
