Just a couple of weeks ago, The Wall Street Journal and some shallow bloggers were waxing poetic about Henry Kravis’ new-ish i-banking effort. This may have been premature.

A drop in income the firm receives based on the performance of the investments it exits—which fell 29% to $307.5 million in the quarter—and lower fee revenue for KKR’s capital markets segment—which dropped 55% to $84 million—were the primary reasons for the decline in distributable earnings.

Let us know who gets fired.

KKR’s Earnings Fall as Revenue, Investment Income Decline [WSJ]