Commissions collected on institutional equity trades have shrunk 25% in Europe in three years, threatening further job cuts at bank brokerage operations, according to a new survey from Greenwich Associates on the state of the pan-European institutional marketplace.

Commissions collected on institutional equity trades have been shrinking for some time. Between the first quarter of 2009 and the first quarter of 2012, Greenwich's research found that the institutional commission pool available to banks contracted by more than 25% on a pan-European basis.