Global investment banks see 'slowest start to the year' since financial crisis

CNBC reports:

Economic uncertainty and investor caution resulted in the slowest start to the year since the financial crisis for investment banks, according to a survey of the world's 12 largest investment banks which showed a 25 percent drop in revenues in the first quarter from a year ago.

The quarterly survey compiled by industry analytics firm Coalition tracked the performance of Bank of America Merrill Lynch, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Societe Generale, UBS and Morgan Stanley.

The survey showed that in the first quarter of 2016, during which banking stocks experienced much volatility on global markets due to concerns over a slowdown in China, fears over bank exposure to slumping energy prices, low profitability and uncertainty over central bank interest rates, revenues fell 25 percent from the same period in the year before.

Slowdown?