Predictions are bleak for the earnings of European investment banks after a tough set of results for Wall Street saw revenues slide 5% year-on-year for the major US banks.

Deutsche Bank will be the first big European bank to post its second-quarter numbers on Thursday, followed by Barclays, BNP Paribas, Credit Suisse and UBS on Friday – and the consensus among analysts is that the numbers will reveal even more pain for players in Europe.