Full Report High performance in Standard hartered and Roal Bank of difficult these plaers are having in investment ‚anking toda anada‡ that have emerged in our attempting to compete directl ­ith assessmentˆ Their success‡ most nota‚l the largest ‚anksˆ ‹ith revenues in ˜ur results sho­ there are multiple routes through high profita‚ilit‡ efficienc and some cases a half or a third of those at to successˆ Both large plaers –­ho have sta‚ilit‡ is ‚ased on their strategic focus the largest ‚anks‡ taking them on in the mastered a diversified offering— and much on certain markets and capa‚ilitiesˆ scale ‚attle is clearl challengingˆ Rather smaller investment ‚anking units have The results also highlight a ver clustered than concentrating on heading along the generated high performanceˆ Success is middle groundˆ ‹hile all metrics have ‘’a‘is‡ ‚anks should think strategicall not dependent on scale alone‡ as is ‚een normalised for the effect of siŽe‡ the a‚out ho­ to head up the ’a‘is‡ as the demonstrated ‚ the strong results sho­n strong correlation ‚et­een overall results sho­ that there are alternative ‚ the cluster of ‘focused ­inners’‡ such as performance and scale demonstrates the routes to successˆ Figure 2 Performance nalysis 3 Figure 1  ocused inners Scale inners High Performance Metrics for Investment Banking RBC Santander Goldman Sachs or e  Standard Chartered JP Morgan Sc ce HSBC an Barcla‚s Ca„ital r m BAML RBS Citi r ‹ o Pe  €BS B­P Pariƒas Société Générale Deutsche Bank Credit Suisse Morgan Stanle‚ Crédit Agricole  ­omura  Œ 3 † 3 † 3 † 33 A…erage Annual Re…enues † –  ˆ‰ƒnŠ Sources ompan Reports‡ Bloom‚erg‡ œealogic‡ šuromone‡ Accenture Research …