“All signs are pointing to an overall disappointing and lackluster year on Wall Street,” said Alan Johnson, managing director of the firm that did the report…

Payments are pressured by a number of factors, including increased competition among investment banks, declines in equity trading and underwriting activity this year, and overall higher expenses, in part from technology investments and hiring.

“All the big banks are well run and solidly profitable, but the investment banking businesses continue to face extreme competition,” Johnson said.

Reuters / November 12, 2019