The document summarizes capital markets results for major banks in 1Q16 compared to 1Q15. It finds that overall operating revenue dropped 25% year-over-year, with weakness seen across fixed income, currencies and commodities as well as debt capital markets. Front office productivity also declined despite job cuts in those areas. Profits fell even more sharply than revenue, with pre-tax profit dropping 30% overall. European banks faced additional challenges from regulations capping bonuses, which increased fixed costs. Specific business lines like credit trading and securitization saw especially steep declines.