New research suggests that businesses such as cash equities, equity derivatives, and mergers and acquisitions, a market that is all but closed at present, will be less lucrative revenue generators per capita than other investment bank work.

Research produced by Deutsche Bank and Coalition index estimating the likely performance this year of a pool of 10 banks across a range of investment banking business lines suggests that two of the biggest areas in terms of front-line staff numbers - M&A and cash equities - will produce lower revenues per capita than other areas.