BIC: slow improvement amid US macro volatility
Ahead of H1 2025 results due on 30th July, we expect a slow sequential improvement at the top-line level with a flattish LFL sales performance in Q2 (-0.4%e vs. -7% in Q1) thanks to a gradual resumption in wholesale orders in North America. Obviously H1 margins are set to be pressurised by negative
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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