Global investment banking revenue has dropped to a post-crisis low, new figures suggest.
In the first quarter of 2016, global turnover slumped to $14.4bn (£10bn) - down 28 per cent on the $20bn recorded in the first quarter of 2015.
According to Dealogic figures, this was the worst first quarter since 2009.
The data backs an earnings forecast from JP Morgan in February, which estimated investment banks' average revenues would fall by 21 per cent this year.
The $14.4bn figure was made up of $4.9bn from mergers and acquisitions (M&A), $4.7bn from debt capital markets (DCM), $2.6bn from equity capital markets (ECM) and $2.2bn from loans.
ECM revenue during the quarter was down 50 per cent year on year, again making it the lowest first quarter since 2009.
Volume and activity in global ECM is also at its lowest level - $136bn across 921 deals - since the same period.
Within ECM, initial public offering (IPO) revenue of $397m was the lowest for any quarter since the beginning of 2009. US IPO revenue is down 75 per cent year on year to $80m.
Earlier this week, Dealogic also reported that global IPO volume is at its lowest since 2009.
Of the total investment banking revenue, US banks took 47.2 per cent, down from a share of 48.6 per cent in 2015.
European banks took 27.4 per cent, a first quarter low, down from a share average of 33.4 per cent over the last five first quarters.