Banks' first-quarter trading revenue prompts cautious optimism

Earnings so far from the five leading U.S. banks and Credit Suisse in Europe show that revenue from fixed income, currencies and commodities (FICC) almost doubled from the previous quarter to $17.1 billion. Quarter-on-quarter improvement was to be expected, given that the first three months of the year are typically the strongest for investment banks as cash is put to work. Total revenue at the U.S. quintet and Credit Suisse from FICC, equities and investment banking fees was $34.98 billion, up a modest 5.9 percent from the same period last year, according to Christopher Wheeler, U.S. banks analyst at Atlantic Equities.

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