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Wall Street takes hit on deal slump

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.