Investment banking fees from the financial institutions sector have slumped to a nine-year low – a far cry from the start of 2012, when the market opened promisingly with Italian bank Unicredit's $10bn rights issue.

Global FIG investment banking revenue has reached $8.3bn for the year-to-date, according to Dealogic. This is the lowest level since 2003, when just $8bn was earned. Fees are 17% down on 2011 levels, which had reached $10bn by this time last year.