All of the big American Wall Street banks have reported their fourth-quarter earnings, and you can pretty much use one word to describe them — rotten.
Most of the talk has centered on a full-on rout in trading revenue, especially in the bond, currency, and commodities markets. Citi's trading revenue was down 14% overall from the same time last year. JPMorgan Chase's bond trading revenue fell 23% from the same time last year.
