OK, let's not get crazy here, people.
Revenue down 36% overall. Stock issuance down 46%. High-yield issuance down 68%. IPO volume down 74%. Equity underwriting fees down 55%. Fixed-income underwriting fees down 32%. Junk bond underwriting fees down 70%. M&A revenue down more than 25%. Syndicated loans, too. Expect more of this and this and this and this and this and this.
Global investment-banking revenue—fees paid for advice on mergers and acquisitions, debt and equity underwriting and syndicated loans—stands at $12.8 billion this year, according to Dealogic. That is down 36% from the first quarter of 2015 and marks the lowest quarterly total since the first quarter of 2009 at the height of the financial crisis.
There is one bright spot, however, and it’s everyone else’s dark spot.
The one bright spot came from China, where revenue from debt offerings reached $615 million this quarter, up 79%, according to Dealogic.