Top 5 investment banks witness worst H1 trading revenues in a decade

Institutional Investors • July 19, 2019, 4:53AM EDT

UPDATED: July 19, 2019, 10:20AM EDT

The top five investment banks in the U.S. - JPMorgan, Citigroup, Goldman Sachs, Morgan Stanley and Bank of America - have seen trading revenues drop drastically in the first half of the year.

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According to a report from Bloomberg on Thursday, equity and fixed-income trading revenues at these banks declined 14% in the first quarter, followed by an 8% drop in the second quarter of the year.

One of the main reasons for the drop is outflows by hedge funds, banks’ most active clients, who struggled to beat the markets, per the report.

European banks are also reportedly expected to post even more significant declines in trading revenues when they start publishing results next week.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.