Kai Pfaffenbach/Reuters
And it is all because of the big banks' fixed income, currencies and commodities - or FICC - divisions, which for so long have powered earnings.
According to analytics company Coalition, the FICC divisions at the ten biggest Wall Street bank generated $52.8 billion in revenues in the first nine months of 2015.
That compares with equities sales and trading, which made $24.6 billion, and traditional investment banking, which generated $20.5 billion.
The FICC divisions have suffered over the past year, and the third quarter was especially brutal. Third quarter fixed income revenues across the ten biggest banks fell 18% against a year ago, according to Coalition.
The slides below, taken from a Coalition report released Monday, illustrate just how terrible the year has been for the FICC businesses.
Take a look: