Lower investment banking fees were generated across the majority of jurisdictions in Europe compared with a year ago. In Europe, exceptions are to be found in the bottom half of the ranking, with the largest growth shown by Turkey, where fees were 57% higher in the 12 months to the end of March this year than in the previous period. The country's growth was led by loans, which represented 45% of the fee mix, followed at some distance by bonds (25%), mergers and acquisitions (15%), and equity (14%).
Across Europe, investment banking fees for the top 25 countries totalled $17.5bn, down 11% from the previous 12-month period. Debt capital market (DCM) products and mergers and acquisitions were the best performers, each accounting for about one-third of the fee pool. The UK safely retains its top spot, with a total fee pot of $4.08bn. This figure, however, is 4% lower than the previous 12 months. France and Germany follow with $2.24bn and $1.97bn, respectively, but their performance deteriorated by a higher margin – about 20% each.
In central and eastern Europe, fees for the top 15 countries were also down 11%, reaching $304m over the past 12 months. DCM products were the best performers, accounting for 39% of the fee pool. Despite a large dip in its activity (-41%), Poland continues to top the table for central and eastern Europe. The most improved jurisdictions are Slovakia and Croatia, with an impressive growth of 460% and 361%, respectively. While in Poland it was equity products that drove investment banking fees – representing 40% of the country’s mix – loans were stronger in Slovakia (69% of the fee pool) and bonds were by far the largest fee generator in Croatia (91% of the mix).
