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

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.

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.