Investment banks’ fixed income trading desks are likely to have contributed their lowest share of overall industry revenues for a decade in 2015 – a sobering thought for bankers preparing to hear what they will be paid in bonuses in the coming months.

Analysts at Coalition, a data and research firm that tracks the earnings of the world's largest investment banks, expect global revenues from trading fixed income, currencies and commodities of $111 billion for 2015, a 6% decline from 2014. That figure would mean the business line had accounted for 42.5% of global investment bank revenues, its lowest proportion of the total since at least 2005, the earliest data Coalition could provide.