The last quarter was a rough one for Wall Street banks.
Trading — especially bond trading — was hit hard during the third quarter as debt traders started worrying about a potential economic slowdown.
Fixed income, currencies, and commodities revenues were down 23%, according to research from Deutsche Bank analyst Matt O’Connor.
Morgan Stanley and Goldman Sachs fared the worst there.
Capital market revenues were down 12% year-on-year on average, according to the note.
Investment banking fees were down 4% from the same period last year, with Citigroup hardest hit. Goldman Sachs and JPMorgan came out ahead in investment banking, up 6% and 5% year-on-year, respectively.
Equity trading revenues were up, but total trading was down on average 12% year-on-year.
Here’s that breakdown for you in a chart from Deutsche Bank: