* H1 revenue falls to $82.3 billion (2013: $86.8 billion)
* Fixed income, currencies, commodities revenue down 13 pct
* H1 revenue at equity divisions 4 pct lower
* H1 revenue for advice on deals climbs 11 percent
* FY revenue seen 2 pct lower y-o-y at $150.7 billion
LONDON, Aug 28 Revenue at the world's 10 largest
investment banks fell 5 percent in the first half of the year,
as continued weakness in fixed income trading departments
outweighed a strong rebound in advisory services on deals, new
data showed on Thursday.
Total revenue was $82.3 billion in the first six months of
the year, compared with $86.8 billion in the same period a year
earlier, consultancy Coalition said.
Fixed income, currencies and commodities (FICC) was the
worst performing area, with revenue down 13 percent year-on-year
to $39.6 billion, according to the figures.
Coalition said the downturn in FICC reflected structural and
cyclical pressures facing banks, including tougher regulations
that require banks to hold more capital against risky assets and
a lack of volatility in financial markets.
Foreign exchange was the poorest line of business, with
revenues down over a third from the previous year, its largest
year-on-year decline since 2008.
Commodities trading outperformed for the second quarter
running, however, with revenue up by more than a
Revenue from banks' equity business was also lower in the
first half, falling 4 percent year-on-year to total $21.6
billion. Weakness in derivatives led the decline, offsetting
higher demand for prime services.
A surge in mergers and acquisitions (M&A) and stock market
listings in the first half lifted revenue at investment banking
divisions, whose staff advise on deals, by 11 percent to $21.1
M&A volumes reached their highest level in seven years in
the year to end-June, while activity in equity capital markets
rose 16 percent.
A number of investment banks, including Barclays,
Deutsche Bank and UBS are cutting costs to
counter the slump in trading revenues and the stricter capital
requirements that are making some areas unprofitable.
Many have shed jobs as part of that effort and Coalition
said headcount dipped 4 percent in the first half.
Coalition, which tracks the performance of Bank of America
Merrill Lynch, Barclays, BNP Paribas, Citi
, Credit Suisse, Deutsche Bank, Goldman Sachs
, JPMorgan, Morgan Stanley and UBS, also
gave forecasts for full-year revenue.
Annual revenue across major investment banks was expected to
total $150.7 billion, a 2 percent decline on 2013.
(Reporting by Clare Hutchison; Editing by Mark Potter)