Wall Street’s once lucrative fixed income divisions are braced for the worst start to the year since before the financial crisis with revenue declines of up to 25 per cent, prompting banks to plan more redundancies on top of the tens of thousands of job cuts already made.

华尔街一度利润丰厚的固定收益部门遭遇了自金融危机爆发之前以来最糟糕的一年开端，收入降幅高达25%，促使各银行计划在已经裁员数万人的基础上进一步裁员。

Citigroup and JPMorgan Chase have warned publicly that fixed income revenues – the engine of most investment banks’ profits since 2000 – will be down by double digits when they report first-quarter earnings next month. Other banks privately warn that their year-on-year declines could exceed 25 per cent after institutional investors and banks shied away from trading. The first quarter is traditionally a high point for revenues.

花旗集团(Citigroup)和摩根大通(JPMorgan Chase)已公开警告称，固定收益业务收入——2000年以来多数投行的利润引擎——在下月公布第一季度盈利时的降幅将达到两位数。其他银行私下警告称，受机构投资者以及同业银行交易不活跃影响，其固定收益业务收入同比降幅可能超过25%。第一季度传统上是固定收益业务收入的高点。

The top 10 banks are expected to make a combined $24.8bn of revenues in fixed incometrading, which includes bonds, currencies and commodities, according to Morgan Stanley and Credit Suisse estimates. That is more than 40 per cent below the first quarter of 2009 when the market rebounded sharply from the crisis.

据摩根士丹利(Morgan Stanley)和瑞士信贷(Credit Suisse)估计，前十大银行在固定收益交易领域（包括债券、外汇和大宗商品）预计总共将实现248亿美元收入，较2009年第一季度时的水平下降了超过40%，当时市场在金融危机过后强劲反弹。

Two of the top five fixed income divisions told the Financial Times they expected to respond by cutting more jobs. Traders are blaming the fall in revenues on patchy macroeconomic data, interest rate uncertainty, regulation that limits risk taking and worries about the situation in Ukraine.

在前五大银行固定收益部门中，有两家对英国《金融时报》表示，他们计划通过裁减更多的工作岗位来应对当前的局面。交易员将固定收益收入下降归咎于差强人意的宏观经济数据、利率不确定性、限制冒险的监管政策以及市场对于乌克兰局势的担忧。

Analysts expect Goldman Sachs to record its weakest first quarter since 2005 while JPMorgan Chase and Bank of America are forecast for their lowest revenues since they bought Bear Stearns and Merrill Lynch, respectively, in 2008.

分析师们预计，高盛(Goldman Sachs)固定收益部门将录得2005年以来最为疲软的第一季度业绩，而摩根大通和美国银行(Bank of America)的固定收益业务收入预计将降至自2008年两者分别收购贝尔斯登(Bear Stearns)和美林(Merrill Lynch)以来的最低水平。

The weakness is expected to be even more severe among European banks such as Deutsche Bank and Credit Suisse, which are seeking to meet new capital requirements by shrinking their balance sheets.

对于德意志银行(Deutsche Bank)、瑞士信贷等欧洲银行来说，固定收益业务的疲软态势预计将更加严重。这些银行正试图通过收缩资产负债表规模来满足新的资本充足率要求。