Investment banks suffer worst first quarter since financial crisis

Revenue at the world’s 12 largest investment banks fell 25 percent in the first quarter from a year ago as economic uncertainty and investor caution led to the slowest start since the financial crisis, a survey showed on Tuesday.

Investment banks have been hit by a steep decline in oil prices, near-zero interest rates and worries about China’s economy, which triggered a wave of volatility in financial markets at the start of the year, normally the most lucrative period when investors put their money to work.

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