Investment banks had an excellent first quarter. Investment bankers weren’t so lucky.

Revenues at the largest U.S. and European investment banks were $44bn, up 12% compared with the same period last year, according to a new report from data provider Coalition. Jobs in the front office, however, fell by 6% to 49,000 over the year. The figures cover Bank of America, Barclays, BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Société Générale and UBS.