Investment banks stand to earn up to a fifth less in fixed income, currencies and commodities revenues this year than they did in 2009, as the conditions that allowed them to book record profits in the aftermath of the financial crisis dissipate and lower-margin advisory work returns to the fore.

Analysts at Citigroup are predicting banks' revenues from FICC will fall by between 15% and 20% globally in 2010 from around $190bn (€133bn) last year to between $150bn and $160bn. As a result they estimate FICC will contribute 16% of total revenues this year compared to 21% last year.