The thing about growth is that, like liquidity, you only really notice it when it’s gone. For years, the investment banking industry was accustomed to double-digit growth. Now banks are having to grind out every last dollar.

There have been some sporadic signs this year that the industry might be getting back on its feet. But the latest set of quarterly results provided a chastening reality check and a reminder of the challenges of operating in a world without growth.