These are the bankers who deserve bonuses for 2012. These are the bankers who don’t

Revenue growth isn't the only contributor to bonuses in banking. Risk-weighted profitability is a factor. If you work at Barclays, ethical standards will also be considered.  However, if your business area significantly out-performed the rest of the market and you contributed to that, it seems reasonable to assume you should be rewarded.

Based upon this simple principle of above-market revenue growth, the following figures from Nomura banking analyst Jon Peace indicate which bankers are most deserving of bonuses for 2012. On the same principle, bankers whose businesses lost market share should not complain when their bonuses are zero.

Peace's figures show year-on-year changes in revenues by business area, measured in a bank's home currency and excluding one off items and distortions such as debt valuation adjustments (DVA).

Equities sales and trading revenues, year-on-year % change 2011-2012, own currency

Deserving:

Barclays: 14%

Credit Suisse: 8%

Goldman Sachs 5%

Deutsche Bank: 2%

Citigroup: 1%

JPMorgan: 0%

Undeserving: 

Morgan Stanley: -11%

SocGen: -12%

Bank of America: -14%

UBS: -16%

BNP: -21%

Average: -4%

Fixed income sales and trading revenues, year-on-year % change 2011-2012, own currency

Deserving: 

SocGen: 51%

Credit Suisse: 48%

Bank of America: 35%

Citigroup: 28%

Goldman Sachs: 20%

Undeserving: 

Barclays: 17%

Deutsche Bank: 10%

Morgan Stanley: 5%

JPMorgan: 4%

BNP: 2%

UBS: 0%

Average: 20%

M&A and underwriting: year-on-year % change 2011-2012, own currency

Deserving:  

UBS: 16%

Goldman Sachs: 13%

Deutsche Bank: 12%

Citigroup: 10%

Credit Suisse: 9%

Undeserving:

Barclays: 5%

JPMorgan: -2%

Morgan Stanley: -7%

Bank of America: -9%

Average: 5%

Source: Nomura