A big investment-banking business is a horror show, and traders are trying to get out (gs, jpm)

Investment banks have had a horror show in one of their biggest business lines. Credit-trading desks, which sit inside fixed-income units, have had a terrible run this year. Revenues are down, bonus pools have been wiped out, and traders are trying to move on. Revenues for the business line at the top-10 banks are forecast to be down as much as 35% in 2015, according to Paul Johny, a director of research and analytics at Coalition. That would represent a drop of close to $9 billion. Credit ...