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Investment banking set to extend worst run in over a decade

Big US banks have relied on traders for at least 75% of their Wall Street revenues for more than three years
Trading revenues at JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley are expected to be almost 10% higher than a year ago

Investment banking is on course to extend a record streak of underperformance, supplying less than a quarter of Wall Street revenues at the biggest US banks for the 14th quarter in a row.

Traders are due to come to the rescue of their advisory colleagues once again when the banks report second-quarter results next week, with total trading revenues at the five largest Wall Street banks forecast to be $31bn — more than three times the figure for investment banking.

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