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Wall Street takes hit on deal slump

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Goldman 'in eye of the storm' posts revenue miss

The biggest firms on Wall Street have first quarter profit reports on the books, and it's unanimous: Investment banking earnings were terrible to start the year.

Goldman Sachs made it official. All Wall Street banks saw double-digit drops in revenue from mergers and acquisitions, initial public offerings and debt underwriting.

Investment banking revenue at Morgan Stanley fell 18 percent; 24 percent at JPMorgan Chase; 23 percent at Goldman Sachs; 27 percent at Citigroup and 22 percent at Bank of America.

JPMorgan Chase led Wall Street with revenue from M&A, at $564 million, followed by Goldman Sachs at $512 million and Morgan Stanley at $465 million, according to financial services data firm Dealogic. No other investment bank generated more than $300 million in revenue from M&A, according to the report.

The IPO drought to begin the year was also painful for investment banks, which saw bigger year-over-year percentage losses in equity underwriting.

"Volatility kept issuers on the sidelines, " JPMorgan Chase CFO Marianne Lake said on the bank's earnings call last week.