On Thursday, Goldman Sachs and Citigroup are expected to report revenue down 16pc to $7.7bn, and down 1.8pc to $18.3bn respectively. Only Bank of America is forecast to deliver revenue growth up 7.8pc to $21.2bn.
US banks also had to put money aside in preparation for fines from the Federal Housing Finance Agency for selling bad mortgages to Fannie Mae and Freddie Mac.
Bank of America, Goldman Sachs and the Royal Bank of Scotland are among the 10 banks yet to reach a settlement with the FHFA.
The slow final quarter has not held back bonuses for the industry’s top bankers in London and New York who’s pay is linked to specific deals such as the £84bn sale of Vodafone’s stake in US telecoms giant Verizon Wireless.
Karen Cook, president of Goldman Sachs in Europe, is expected to receive between £3m and £6m, although it could be her last bonus of this size.
European laws which came into force on January 1 now cap bonuses at 1 times the executive’s base salary or 2 times that figure if shareholders give their consent.
The bonuses being handed out now relate to last year, and are expected to be around 10 to 15pc higher than those awarded for 2012, City sources said.
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