A definitive breakdown of the gloomy state of Wall Street

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A man outside the New York Stock Exchange on January 15 in New York City.

Don't be fooled by the third quarter rebound in Wall Street trading revenues. Investment banks are still on course for a lousy year.

While third-quarter revenues were up 14% from the year-ago period, according to new data from Coalition, year-to-date performance was down 7%, and full year 2016 revenues are expected to decrease for the fourth year in a row.

One bright spot is fixed income, currencies, and commodities revenues, which were up 36% in the third quarter, 2% year-to-date, and are expected to be up 5% total by the end of the year.

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