US investment bank Jefferies reported a 14% decline in fixed-income revenues in the second quarter and said equities volumes remained muted over the period, a tale that will likely be repeated when the large Wall Street banks begin reporting next month.

Jefferies, the quarterly results of which are often viewed as a bellwether for the US investment banking community, today reported net revenues of $711m for the three months ended May 31, 2012. This figure is 9% down on the $780m earned in the first quarter of the year, and 2% lower than the same period a year ago.