波士顿咨询--国际投行业与资金市场研究报告

是经过五年时间搜集出来的百万管理文档的中一部分,行政管理资料汇总之一,是难得一见的企业人力资源部和行政部工作必备的参考资料,源自网络,若有侵犯,请通知本人删除。(PDF格式请用PDF阅读器打开,也可转为WORD格式 幻灯片演示文档均可用WPS更换无数漂亮免费模板,可编辑,是珍贵的办公参考文档大全)

INVESTMENT BANKINGANDCAPITAL MARKETS

Market Report –Second Quarter 2004 Edition

New York, FrankfurtSeptember 1, 2004

THE BOSTON CONSULTING GROUP

是经过五年时间搜集出来的百万管理文档的中一部分,行政管理资料汇总之一,是难得一见的企业人力资源部和行政部工作必备的参考资料,源自网络,若有侵犯,请通知本人删除。(PDF格式请用PDF阅读器打开,也可转为WORD格式 幻灯片演示文档均可用WPS更换无数漂亮免费模板,可编辑,是珍贵的办公参考文档大全)

TABLE OF CONTENTS

Overview of Second Quarter 2004

Revenue Opportunities from Hedge Funds

Market Review

Corporate Finance and Advisory Fixed-Income Trading

Equity Trading

Data Definitions and Abbreviations

2

9

172429

35

是经过五年时间搜集出来的百万管理文档的中一部分,行政管理资料汇总之一,是难得一见的企业人力资源部和行政部工作必备的参考资料,源自网络,若有侵犯,请通知本人删除。(PDF格式请用PDF阅读器打开,也可转为WORD格式 幻灯片演示文档均可用WPS更换无数漂亮免费模板,可编辑,是珍贵的办公参考文档大全)

Overview of Second Quarter 2004

是经过五年时间搜集出来的百万管理文档的中一部分,行政管理资料汇总之一,是难得一见的企业人力资源部和行政部工作必备的参考资料,源自网络,若有侵犯,请通知本人删除。(PDF格式请用PDF阅读器打开,也可转为WORD格式 幻灯片演示文档均可用WPS更换无数漂亮免费模板,可编辑,是珍贵的办公参考文档大全)

INVESTMENT BANKING PROFITS DECLINED SHARPLY

The Industry Faces a Tough Second Half Unless Equity Trading Bounces Back

BCG investment banking performance index declined by 29 points to 99 in the second quarter 2004

However, second quarter results were still better than those of one year ago

In addition, results from the first half of 2004 were strong

While revenues from fixed income decreased significantly, most of the decline was seasonal

Revenues from fixed-income trading declined by 13.9% from previous quarter

Low market volatility hit earnings from equity trading hard

Equity trading revenues were 19.7% lower than levels three months ago

Corporate finance and advisory (CF&A) revenues improved across businesses, but the increase was not strong enough to compensate for lower trading revenues, which declined by 16.1% from the first quarter

CF&A revenues improved by 12.3% on average

是经过五年时间搜集出来的百万管理文档的中一部分,行政管理资料汇总之一,是难得一见的企业人力资源部和行政部工作必备的参考资料,源自网络,若有侵犯,请通知本人删除。(PDF格式请用PDF阅读器打开,也可转为WORD格式 幻灯片演示文档均可用WPS更换无数漂亮免费模板,可编辑,是珍贵的办公参考文档大全)

BCG PERFORMANCE INDEX DECLINED SHARPLY IN SECOND QUARTER 2004, BUT WAS STILL HIGHER THAN LAST YEAR’S LEVELS

BCGInvestment BankingIndex

Performance Index

140

120

100

806040200

1Q/01

2Q/013Q/014Q/011Q/022Q/023Q/024Q/021Q/032Q/033Q/034Q/031Q/042Q/04

Note:The BCG IB performance index is calculated based on aggregate profits of 10 leading banks

是经过五年时间搜集出来的百万管理文档的中一部分,行政管理资料汇总之一,是难得一见的企业人力资源部和行政部工作必备的参考资料,源自网络,若有侵犯,请通知本人删除。(PDF格式请用PDF阅读器打开,也可转为WORD格式 幻灯片演示文档均可用WPS更换无数漂亮免费模板,可编辑,是珍贵的办公参考文档大全)

BOND TRADING REMAINED STRONG WHILE EQUITIES

BUSINESSES SLOWED IN SECOND QUARTER 2004

Corporate Bond Origination

(1)

$B

150

$B

600

M&A Advisory100

400

50

200

001Q/01

3Q/01

1Q/02

3Q/02

1Q/03

3Q/03

1Q/04

1Q/01

3Q/01

1Q/02

3Q/02

1Q/03

3Q/03

1Q/04

U.S. Bond Trading(2)

Equity Trading

$B1200

$Tr10

1000880066004004

2002001Q/01

3Q/01

1Q/02

3Q/02

1Q/03

3Q/03

1Q/04

1Q/01

3Q/01

1Q/02

3Q/02

1Q/03

3Q/03

1Q/04

(1)Based on effective transactions(2)Daily average trading volumes for treasuries, agencies, asset-/mortgage-backed securities (ABS/MBS), and corporate bonds

是经过五年时间搜集出来的百万管理文档的中一部分,行政管理资料汇总之一,是难得一见的企业人力资源部和行政部工作必备的参考资料,源自网络,若有侵犯,请通知本人删除。(PDF格式请用PDF阅读器打开,也可转为WORD格式 幻灯片演示文档均可用WPS更换无数漂亮免费模板,可编辑,是珍贵的办公参考文档大全)

INVESTMENT BANKING REVENUES AND PROFITS DECLINED

Q2/04 vs. Q1/04

50%

Pre-tax profitmargin (%)

40%

Q1/04 %

Ø: 35.0%

5.430%

–Q2/04 ØØ: 30.5%

20%

10%

0%0.5

1.01.52.02.53.03.54.04.55.0

Revenues

($B)

Note:Øcalculated on a revenue-weighted basis; operating revenue fo …… 此处隐藏：6524字，全部文档内容请下载后查看。喜欢就下载吧 ……