LONDON (Reuters) - The world's largest investment banks have had their worst start to a year since 2006, according to the latest data published by industry analyst Coalition on Thursday.
In the first six months of 2019 investment banks reported revenues of $76.8 billion, down 11% on the prior year and the lowest first-half performance for 13 years.
Revenues fell across the board, with the deepest decline in equities trading, down 17% to $22.1 billion.
Fixed income, currencies and commodities revenues fell 9%, while investment bank advisory was down 8%.
The banks' profitability also suffered, with operating margins sliding 500 basis points to 31%, their lowest level for four years.
Several major banks have cut jobs in their investment banking divisions in response to weak results, including Deutsche Bank , HSBC (L:HSBA), Societe Generale (PA:SOGN) and Citigroup (N:C).
Deutsche Bank plans to make the deepest cuts after announcing 18,000 jobs cuts in July, with the bulk in investment banking.
Coalition tracks Bank of America Merrill Lynch (N:BAC), Barclays (L:BARC), BNP Paribas (PA:BNPP), Citi, Credit Suisse (S:CSGN), Deutsche Bank, Goldman Sachs (N:GS), HSBC, JP Morgan (N:JPM), Morgan Stanley (N:MS), Societe Generale and UBS (S:UBSG).