Wall Street suffers worst quarter since financial crisis

Wall Street's biggest banks had their worst quarter of results since 2008's financial crisis, with trading revenue down 35% on last year.

The slump came after investors sold off riskier assets in the face of slowing global growth and the European debt crisis.  JP Morgan Chase, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley suffered losses in both trading and investment bank revenues and face further regulatory headwinds which will hurt profits. Their combined trading revenue minus accounting gains was $13.5bn for Q3, down 35% on the year, while investment banking revenue fell 41% from the second quarter to $4.47bn, Bloomberg reported. Bank of America suffered a 90% drop in fixed income trading revenue ...