Global investment banking fees fell 29 per cent year on year in the first quarter of 2016, according to new figures.
Global fees reached $16.2bn (£11.4bn) by the end of March this year – making it the lowest first quarter since 2009, according to Thomson Reuters figures out today.
Fees in Europe were down 27 per cent to $3.9bn, the Americas total was $8.7bn, down 32 per cent, and the Asia-Pacific value was down 18 per cent to $2.6bn.
Fees in the UK and Ireland were down 23.5 per cent to $1.3bn.
Equity capital markets fees were down 48 per cent year on year, debt capital markets were down 26 per cent and M&A revenue was down 18 per cent on the same period in 2015.
JP Morgan topped Thomson Reuters' league table for fees, drawing in $1.2bn. But this was down 23 per cent on the first quarter of 2015.