A man pauses outside of the New York Stock Exchange (NYSE) on January 15, 2016 in New York City.Spencer Platt/Getty Images
Total revenue across the top ten banks in the first six months of the year fell 15% from the same period a year ago, according to research firm Coalition. The total, of $79.3 billion, compares to $93.3 billion in the first half of 2015, and $102.4 billion in the first half of 2011. Barely a single business line was spared.
From fixed income, currencies and commodities (FICC) to equities to traditional investment banking, revenues dropped sharply. Let's take a look:
The headline numbers are grim: FICC revenue fell 11%, equities revenue fell 18%, and fees from traditional investment banking activities like advising on acquisitions and equity and debt deals fell 20%.
Almost every single business unit within FICC took a hit. Banks made less money trading: corporate bonds; currencies; commodities; emerging markets; and securitized assets.
There was a similar story in equities. Stock trading, equity derivatives and prime services revenues fell.
The investment bankers weren't spared, either. M&A revenue dropped, albeit from a very strong 2015, while equity capital markets revenue tanked. Debt capital markets revenue also dropped.
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