A post-crisis high in Europe’s IPO markets will not be enough to prevent the region’s investment banking fee pool from shrinking in the first quarter – with global revenues on course to hit their lowest point since 2010.

European investment banking revenue for the year-to-date totals $4.1 billion, according to preliminary data for the first quarter from Dealogic, a 9% fall on the same period a year ago. The global fee pool is down 18% year-on-year.