Wall Street has had a dismal year — and the latest business-by-business report card confirms it

Reuters / John Gress

A dismal year on Wall Street has been further confirmed by the latest business-by-business report card.

Investment banking revenues at the top-12 banks fell to $118.1 billion during the first three quarters of 2017, according to data from industry consultant Coalition.

Banks saw a strong first quarter in 2017, but it’s been downhill since.

Third-quarter revenues dropped 11% from 2016 to $36 billion, according to the latest data from Coalition. That follows a trying second-quarter in which revenues fell 5% from the previous year to $39.5 billion.

The culprit for the down year hasn’t changed in recent months: Trading teams have been hammered, especially on the Fixed Income, Currency, and Commodities (FICC) side of the business.

Through three quarters, FICC trading is down $4.1 billion, or 7%, to $54.9 billion.

Fourth quarter projections look just as bleak, with high-yield credit markets showing warning signs in recent weeks that could compound the trading woes.

The Coalition data includes revenues for: Bank of America Merrill Lynch, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Societe Generale, and UBS.

Here’s the full breakdown: