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.
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.