Reuters reports that economic woes, particularly in the euro zone, have hurt dealmaking and dragged worldwide investment banking income down 7% to $69.4bn so far this year, data from Thomson Reuters and Freeman Consulting showed.
In Europe, fees were at a 10-year low as volatile markets forced many companies to put off plans to list or make acquisitions, and the prolonged slowdown is pushing even top advisers to restructure teams and cut back.
Some are even contemplating more drastic options.
'The key question is not only about one specific team, but banks are really wondering which investment banking activities they should keep or if they should continue to have investment banking at all', said Christopher Kummer, from the Institute of Mergers, Acquisitions and Alliances, a think tank.
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