REUTERS/Luke MacGregor
A man in a suit covers his face as he sunbathes in St James's Park during hot weather in central London, Britain June 11, 2015.
There has been much less deal activity in the equity markets, while mergers and acquisitions activity has also slowed. Syndicated loan activity has also dropped.
That has led to a 14% drop in global investment banking revenue for the year to September 23, according to Dealogic.
There is one bright spot, though.
Debt capital markets is the only business to see an increase in revenue, with fees up to $15.9 billion.
Here's what's driving the strong activity: