Though none has announced its results yet, European capital market banks will surely experience a quartus horribilis. Preliminary first quarter 2016 investment banking revenues are down 36% on 2015, according to Dealogic, the lowest since 2009, led by sharp declines in M&A, high yield and IPO activity.

It also appears that trading revenues will be disappointing. Several US banks have discussed the challenging market conditions that have impacted market-making and Jefferies, which serves as a harbinger of performance in trading in fixed income, currencies and commodities, announced a dismal trading performance in its first quarter.