Revenues in investment banking slipped 18 percent in the first quarter of 2014 compared to the same period last year despite a surge in mergers and acquisitions, highlighting the squeeze on global investment banking.
Often regarded as the culprit for global financial crash of 2008, the industry that specializes in large and complex financial transactions has been targeted by lawmakers around the world in recent years.
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And with cutbacks and new regulations on the horizon, research group Dealogic has said that revenues totaled $15.5 billion in the first quarter, the worst first quarter for investment banking since 2010. This quarterly figure is in stark contrast to figures released last year, when every quarter showed revenue of over $17 billion.
In the U.S., revenues fell 22 percent from the same time last year, according to the figures released on Tuesday. In Europe they fell 9 percent and in Japan they slipped 13 percent. JPMorgan continued to lead the global revenue rankings for the sixth consecutive first quarter with a $1.2 billion boost to its coffers and a wallet share of 7.9 percent. The bank was closely followed by Goldman Sachs which had 7.8 percent of a total share of the revenues.