The face of investment banking has altered quite significantly over the past year. The Banker celebrates those institutions that have been most innovative in adapting their businesses to this changing environment.                                                                                                                                                                                                 

The Banker celebrates the most innovative players in the investment banking field over the past 12 months, handing out 31 awards to the industry’s great and good, from global behemoths to boutiques.

With the two-year anniversary of Lehman Brothers' demise just passed, investment banks still face a difficult environment. If the crisis is over, long-term challenges have intensified.

What a difference a year makes. When The Banker's Investment Banking Awards were held last year, Lehman Brothers had just imploded, markets were closed and banks were more focused on survival than on performance or creativity.

This year The Banker has revamped its Investment Banking Awards to focus on innovations – whether in products, structures or strategies. Size of deal and league table position have always provided a limited guide to the true prowess of an investment bank.