Table of Contents
Investment Case and Valuation...............................................3
Investment Banking revenue outlook...................................12
Fixed Income – 2009E quarterly revenue progression........19
Fixed Income revenue drivers...............................................21
Investment Bank Revenue Breakdown by Business
Segment ..................................................................................25
Credit Suisse ..........................................................................29
UBS..........................................................................................33
Deutsche Bank .......................................................................38
Goldman Sachs ......................................................................42
Morgan Stanley.......................................................................45
Société Générale ....................................................................48
BNP Paribas............................................................................54
Barclays ..................................................................................62