UK investment banking revenue down 21 per cent in first quarter of 2016 despite Shell and BT deals completing
UK investment banking revenue was down 21 per cent in the first quarter of this year, according to newly-compiled figures.
Goldman Sachs accounted for 12.3 per cent of the total $1bn (£695m) revenue, ahead of JP Morgan (10.4 per cent) and Barclays (6.9 per cent).
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Dealogic's UK investment banking review for the first quarter of 2016 noted that the $1bn figure made this the weakest first quarter since 2012, when the total was $895m.
Although investment banking turnover was down, the UK commanded a greater share – 27 per cent, up from 22 per cent last year – of European revenue, which totalled $3.8bn.
Investment banking revenue from mergers and acquisitions (M&A) activity made up 56 per cent of the total amount, its highest quarterly share since 2000.
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The M&A figure, $571m, was the highest quarterly total since 2008, owing to the record amount of deals announced last year.
M&A revenue was driven by the completion of Royal Dutch Shell's $66bn acquisition of BG Group and BT's $20.7bn acquisition of EE, both of which completed in the quarter.