Europe woes hurt banking income
The number of bond deals across the world fell in the fourth quarter to levels not seen since after the collapse of Lehman Brothers in 2008, according to Thomson Reuters and Freeman Consulting data.
In Europe, fees raised since October from bonds, flotations and mergers and acquisitions stand at the lowest quarterly level ever recorded by the data providers.
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Hide AdA stronger start to the year in areas such as mergers and acquisitions fizzled out, leaving investment banks’ overall haul of fees at $72.6bn – down 8 per cent on 2010.
Germany’s Deutsche Bank claimed the top fee spot in Europe, relegating JPMorgan to second place – even if the US giant is still first by fees globally.
JPMorgan lost ground in European Equity Capital Markets, the business that arranges listings and rights issues.