Both JPMorgan and Goldman have seen investment banking revenue drop by nearly 50 percent compared to last year, with the two banks bringing in $4.7 billion and $4.3 billion, respectively, as of Sept. 22, compared to more than $8 billion this time last year, according to Dealogic. Investment banking represented a quarter of Goldman's total net revenue last year, while corporate and investment banking accounted for more than 40 percent of JPMorgan's net revenue. At a Sept. 13 conference JPMorgan president Daniel Pinto said the bank hired a lot of employees last year to execute a "huge amount of volume," but acknowledged revenue was down. On the possibility of job cuts, Pinto was cautious: "You need to be very careful when you have a bit of a downturn to start cutting bankers here and there because you will hurt the possibility for growth going forward."