Europe’s largest investment bank reported an 11 percent increase in revenue from trading bonds and currencies in the first quarter. That’s less than half the 24 percent jump in the combined fixed income revenue at the five biggest U.S. investment banks. Income from dealing in stocks, which the firm has sought to expand because of its lower capital requirements, declined 10 percent while it was broadly flat at the U.S. lenders.
Net income in the three months through March rose to 571 million euros, from 214 million euros a year earlier. That beat the 475 million-euro estimate of seven analysts surveyed by Bloomberg as costs declined and the company booked lower restructuring charges. (BLOOMBERG)
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