Goldman Sachs maintained its number one position in the global equity capital markets league table for the eighth year in a row as worldwide ECM volumes dropped by a third.

Global ECM volume fell 29% from 2001 to $307.7bn (€296.7bn) according to preliminary data from Dealogic, the investment banking research firm. The convertibles business saw the biggest decrease as volumes fell 41% from 2001 to $98.5bn. Global initial public offering volume declined by 36% from last year to $55.5bn.