Investment banking jobs are looking increasingly shaky this year as firms prepare to tighten their belts.

Fees have tumbled from the record highs of last year, and the world's largest investment banks have already begun cutting dealmaker jobs — an about turn after last year's hiring spree. Banks are never slow to cut jobs at the earliest sign of a downturn and pessimism around the economy. Frozen capital markets and a slowdown in M&A has led to many sharpening the axe.