Table of Contents
Top down: switch preference to traditional credit-geared
banks from IBs .........................................................................3
Bottom-up stock picking .......................................................10
Can banks reach 15% IB net ROE over the cycle –
implications for IB costs, staff and capital levels?..............16
Credit Suisse Group...............................................................30
Morgan Stanley.......................................................................33
Société Générale ....................................................................36
BNP Paribas............................................................................40
UBS..........................................................................................44
Deutsche Bank .......................................................................48
Goldman Sachs ......................................................................51
Barclays ..................................................................................53
Investment Banking revenue outlook...................................55
Summary financials................................................................70
Valuation Methodology and Risks ........................................96