Wall Street dealmakers have been taken back in time to the dark days of the crisis

Wall Street dealmakers are having their worst quarter since the dark post-financial crisis days of 2009.

Investment banks have earned $12.8 billion to date in equity, debt, loan and advisory fees, down 36% from the first quarter of 2015, and the lowest total since the first quarter of 2009.

That’s according to Dealogic, which just released its preliminary investment banking review for the first quarter of 2016.

In the debt capital markets business, banks earned $4.1 billion in revenue, down 32% from last year, and the lowest since 2009. Specifically, high-yield bond revenue dropped 70% year-on-year, while investment-grade revenue fell 13%.

In the equity capital markets, revenues came in at $2.3 billion, also the lowest since 2009. That’s down 55% from last year — a drop that hasn’t been seen since 2000/2001 when fees dropped 57%.

Within ECM, initial public offering revenue was also the lowest quarterly total since the first quarter of 2009, coming in at $336 million.

Syndicated lending revenue was down in the first quarter also, coming in at $1.9 billion, a 30% decrease from 2015. Specifically, investment-grade loan revenue was down 50% year-over-year.

M&A revenue was down 24% year-over-year, coming in at $4.4 billion, while financial sponsor related revenue was down 46% at $1.8 billion. That is the lowest quarterly total since the first quarter of 2009.

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