2022 Banking Industry Research Report

Table: Global Listed Banks by Total Assets (2020) Source: Asset Information Network, Qianji Investment Bank U.S. banks exhibit significant differences: Wells Fargo relies primarily on retail banking, with retail operations accounting for 55% of its business; Bank of America, Citigroup, and JPMorgan Chase focus mainly on corporate and capital markets businesses, which constitute over 50–60% of their operations. In contrast, Chinese domestic banks rely predominantly on corporate banking, with corporate business revenue accounting for over 50–60% of total revenue. Structural differences in retail banking: U.S. banks’ retail operations are relatively diversified, with credit cards, consumer loans, and business loans representing a relatively high share. Domestic Chinese banks concentrate their retail lending primarily on mortgage loans. Sectoral distribution differences in corporate banking: U.S. banks and HSBC display relatively diversified sectoral loan allocations. Bank of America focuses heavily on diversified financial services; Citigroup emphasizes transportation and industrial sectors; JPMorgan Chase concentrates on real estate; and Wells Fargo focuses on the financial sector. In contrast, Chinese banks concentrate lending in manufacturing, state-owned enterprises, financing platforms, and real estate-related sectors. JPMorgan Chase & Co. [JPM.N] JPMorgan Chase is a financial holding company incorporated in 1968. Its business is divided into six segments: Investment Banking, Retail Financial Services, Card Services, Commercial Banking, Corporate & Investment Bank (CIB), and Asset Management. The Investment Banking segment provides a broad range of investment banking products and services—including corporate strategy and structuring, equity and debt financing, risk management, and market-making in cash securities and derivatives—along with advisory services and research for corporations, financial institutions, governments, and institutional investors. The Retail Financial Services segment offers regional banking and auto finance services, including checking and deposit accounts, mortgage loans, home equity loans, and small business loans, delivered through branches, ATMs, online banking, and telephone banking. Citigroup Inc. [C.N] Citigroup is currently the world’s largest financial services group by total assets, highest in profitability, most extensive in global reach, and most comprehensive in service offerings. It was formed in 1998 through the merger of Citicorp and Travelers Group and simultaneously listed under its new name, becoming the first U.S. financial conglomerate to integrate commercial banking, investment banking, insurance, mutual funds, and securities trading. Barclays PLC [BARC.L] Barclays Group’s headquarters is located in London. Its subsidiary, Barclays Bank, is one of the largest commercial banks in the UK—and ranks third in the UK after HSBC and the Royal Bank of Scotland. Barclays operates in over 50 countries worldwide and serves 27 million customers. Its business lines include consumer and corporate banking, credit cards, mortgage lending, custody services, and leasing, as well as private banking services. Chapter IV: Future Outlook From the perspective of key drivers of bank net profit growth, the industry’s fundamentals are expected to remain stable overall in 2022, maintaining a low-growth trajectory. Against this backdrop of industry-wide sluggish growth—and compounded by the aforementioned structural shifts in industrial composition—significant divergence among individual banks is anticipated.

A straightforward question: Will the U.S. dollar exchange rate continue rising? Could it possibly reach 7.5?

If you regard Barclays Bank as highly competent, then go long on the U.S. dollar; if you consider it incompetent, then go long on the RMB. However, even a three-month forward target exchange rate of 7.4 seems rather far-fetched to me.

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Barclays sets USD 136 target for PPG Industries stock

Barclays sets USD 136 target for PPG Industries stock

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