UBS: Bleak 3Q13 Picture For Brokers, Universal Banks

It was not a pretty picture for 3Q13 earnings at U.S. brokers and universal banks.

UBS Equity Global Research analysts Brennan Hawken, Derek De Vries and David Eads review the sector’s latest earnings trends in their work "3Q13 Earnings: The quarter in pictures.”

Overall, there was significant pressure on revenue accompanied by a declining expense trend and lower comp accruals.

Fixed Income, commodities and currencies (FICC) – a dismal picture

Revenues were lower by over 20% on both q-on-q and year-on-year bases, and 10% YTD due mainly to seasonal factors, the ‘taper’ threat, and the shutdown effect.

According to UBS the outlook is bleak

According to UBS...