US banks shouldn't assume good fortune is bulletproof

AMERICA, one; Europe, nil.

In Asia, at least, US financial institutions are climbing up the investment banking league tables while their euro-area counterparts sink. But champagne corks shouldn't be popping on Wall Street yet. How long their current reign lasts will depend to a large degree on how long the fixed income, currencies and commodities business remains robust.

Deutsche Bank AG, weighed down by billions of dollars in fines for money laundering and manipulating interest rates, has slipped from pole position in Asia while JPMorgan Chase & Co, which expanded in FICC and equities, surged from seventh to first place, data from industry researcher Coalition show.