This year's worst performers and best payers, so far

Investment banking is far less profitable than it was. Net income across Goldman, JPM, Credit Suisse, Citi and Morgan Stanley is down 32% during the first nine months of this year vs. the same period of 2009.

Revenues are down less. In equities, the y-o-y fall at the banks above is 16%. In fixed income, it's 24%. Across IBD, revenues are actually up 2%.

The 2010 pay round will clearly be painful: average compensation per head across Goldman, JPM and Credit Suisse (the only banks with meaningful pay figures for their investment banks) is down 24% year-on-year.

However, over the past three quarters as a whole, some banks have performed better than others.

Despite its dire performance in Q3, profits at Morgan Stanley's investment banking arm are actually up 91% year-on-year. Over the whole nine month period, Morgan Stanley has also done surprisingly well in sales and trading.

The prize for a disastrous 2010 goes instead to Credit Suisse, where net income is down 49% over the past nine months, and sales and trading revenues have totally collapsed. The bank is, however, doing well in IBD.

In a possible sign that compensation is being rebased, pay per head has been cut most at Goldman.

First nine months of 2010 vs. first nine months of 2009, headline figures, % Change

JPMorgan

Equities + 6%

Fixed income -18%

IBD + 14%

Net income - 41%

Citigroup

Equities -8%

Fixed income -36%

IBD -20%

Net income - 30%

Goldman Sachs

Equities -45%

Fixed income -21%

IBD +2%

Net income - 30%

Morgan Stanley

Equities +29%

Fixed income +41%

IBD -7%

Net income - 30%

Credit Suisse

Equities -30%

Fixed income -42%

IBD +43%

Net income - 49%

Compensation per head, first nine months of 2010, % change vs. same period 2009

JPMorgan (investment bank): $299k, down 16%

Goldman Sachs: $371k, down 30%

Credit Suisse (investment bank): CHF293k ($304k), down 27%.