London — Revenues at the world’s top investment banks plunged to a 13-year low in the first half of 2019 as geopolitical tensions, slowing growth and low interest rates compounded a structural decline that set in after the financial crisis.

The 12 biggest US and European investment banks generated $76.8bn in revenue from their trading and advisory operations during the six-month period, down 11% from 2018. It was the slowest first half since 2006, according to the latest data from industry monitor Coalition.

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