Wall Street Banks Trampled All Over Their European Rivals in 2018


JPMorgan Chase & Co. gained some of the biggest shares in both fixed-income and equities trading last year, solidifying its leadership in one and nearing the top in the other. Deutsche Bank AG lost ground in both markets while trying to restructure its business.

JPMorgan’s share of the $77 billion pool of revenue that banks generated handling investors’ bets on bonds, currencies and commodities rose by more than a percentage point. Its cut of the $53 billion market for trading stocks and related derivatives also increased. The fixed-income pie shared by all banks shrank 6 percent from 2017, but in equities it grew 14 percent.

U.S. banks trampled over their European rivals in 2018, gaining ground and holding five of the top six spots in rankings for both markets. Europe’s investment banks had reclaimed some share in 2017 but failed to maintain it, mostly as a harsher trading environment in last year’s second half hurt them more than it did U.S. peers.

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