Coalition, which only reports revenue figures for the top-ranked banks, said that total investment bank revenue earned so far this year was 6 percent lower than a year earlier, driven largely by a downturn in fixed income, currencies and commodities (FICC) divisions.
The top two investment banks in FICC—JPMorgan and Citi—have earned $8.9 billion this year from those divisions, compared to $10.1 billion in the same period last year, Coalition's data shows.
Most investment banks have seen trading revenues slump over the past year amid a low interest environment and tougher regulations requiring them to hold more capital, which have driven down returns.
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Equities divisions have performed much better, with the top bank Morgan Stanley making revenue of $4.5 billion in the year-to-date, 15 percent more than the top bank did a year earlier. Last year's leaders JPMorgan and Goldman Sachs dropped to second.
Revenue at investment banking divisions, whose staff advise on deals, also rose. First-place JPMorgan's year-to-date revenue was $4.4 billion, almost 5 percent more than the Wall Street bank made by the same time last year.
Coalition tracks the performance of Bank of America Merrill Lynch, Barclays, BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley, and UBS—the 10 largest investment banks globally.