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* H1 revenue falls to $82.3 billion (2013: $86.8 billion)
* Fixed income, currencies, commodities revenue down 13 pct
* H1 revenue at equity divisions 4 pct lower
* H1 revenue for advice on deals climbs 11 percent
* FY revenue seen 2 pct lower y-o-y at $150.7 billion
LONDON, Aug 28 (Reuters) - Revenue at the world's 10 largestinvestment banks fell 5 percent in the first half of the year,as continued weakness in fixed income trading departmentsoutweighed a strong rebound in advisory services on deals, newdata showed on Thursday.
Total revenue was $82.3 billion in the first six months ofthe year, compared with $86.8 billion in the same period a yearearlier, consultancy Coalition said.
Fixed income, currencies and commodities (FICC) was theworst performing area, with revenue down 13 percent year-on-yearto $39.6 billion, according to the figures.
Coalition said the downturn in FICC reflected structural andcyclical pressures facing banks, including tougher regulationsthat require banks to hold more capital against risky assets anda lack of volatility in financial markets.
Foreign exchange was the poorest line of business, withrevenues down over a third from the previous year, its largestyear-on-year decline since 2008.
Commodities trading outperformed for the second quarterrunning, however, with revenue up by more than afifth.
Revenue from banks' equity business was also lower in thefirst half, falling 4 percent year-on-year to total $21.6billion. Weakness in derivatives led the decline, offsettinghigher demand for prime services.
A surge in mergers and acquisitions (M&A) and stock marketlistings in the first half lifted revenue at investment bankingdivisions, whose staff advise on deals, by 11 percent to $21.1billion.
M&A volumes reached their highest level in seven years inthe year to end-June, while activity in equity capital marketsrose 16 percent.
A number of investment banks, including Barclays,Deutsche Bank and UBS are cutting costs tocounter the slump in trading revenues and the stricter capitalrequirements that are making some areas unprofitable.
Many have shed jobs as part of that effort and Coalitionsaid headcount dipped 4 percent in the first half.
Coalition, which tracks the performance of Bank of AmericaMerrill Lynch, Barclays, BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley and UBS, alsogave forecasts for full-year revenue.
Annual revenue across major investment banks was expected tototal $150.7 billion, a 2 percent decline on 2013. (Reporting by Clare Hutchison; Editing by Mark Potter)
