Fees for the top five Wall Street investment banks slumped 41% during the first quarter, as a pause in M&A and whipsawing equity markets have threatened a deal boom that led to a bumper 2021. 

JPMorgan, Goldman Sachs, Morgan Stanley, Bank of America and Citigroup are set to make $7bn in investment banking fees in the first quarter, according to data provider Dealogic, nearly $5bn less than at the same point last year.