JPMorgan's investment banking fees halved last year, kicking off what is expected to be a brutal earnings season for Wall Street banks as they cut jobs and rein in costs.

The US lender made $6.9bn in dealmaking fees in 2022, a 48% decline on a year earlier. Banks have been weighed down by slumping dealmaking throughout 2022, as activity was scuppered by spiralling inflation, gridlocked leveraged finance markets and the war in Ukraine.