Wall Street’s banking revenue has never fallen harder than it has this year. Bankers are hoping their bonuses can hang on a bit better.

Fees from advising on deals, stock offerings and bond sales are down more than 40% from this time last year, wiping out more than $50bn in revenue, according to data from Dealogic. That is the biggest year-over-year dollar decline on record, worse even than in the financial crisis.