Revenues at the world’s 12 largest investment banking operations plummeted by 90% in the third quarter to just under $2bn (€1.6bn), a fall from over $27bn a year ago, according to an industry consultant.

Research by US firm Boston Consulting Group found that fixed-income losses of $17.5bn were largely responsible for the dramatic collapse in investment banking revenues, with only BNP Paribas, JP Morgan and Morgan Stanley remaining in the black.