Revenues at Morgan Stanley's fixed-income, currency and commodities trading division fell 42% in the first quarter, compared with a year ago – making it the worst performer in percentage terms of all the major Wall Street banks.

The US bank this morning reported underlying FICC revenues of $1.5bn for the period. In comparison, fixed-income trading at rival Citigroup fell 3% from the first quarter of 2012, while revenues declined 7% at Goldman Sachs, 5% at JP Morgan and 12% at Bank of America.