Wall Street Credit Traders Head for Worst Year Since 2012
- Corporate bond, CDS trading revenue down 36% year-on-year
- Banks could now examine personnel needs: Coalition’s Devine
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The world’s biggest banks are heading for their worst year of credit trading in a decade as soaring interest rates and global economic uncertainty bite into their profits.
The 200 biggest investment banks are set to collectively make $8.3 billion in flow credit this financial year, a 36% yearly drop and the lowest since at least 2012, according to forecasts from Coalition Greenwich. Company bond yields are at the highest levels since the financial crisis in 2009.