Independent banks are under increasing pressure from investors, who have stripped the top six of a combined $5.42bn of their market value in the last 12 months.

Analysts predict Moelis & Co, Lazard, PJT Partners, Greenhill & Co, Houlihan Lokey and Evercore Partners face slowing revenues from advising on deals, a significant source of income for institutions that, unlike so-called bulge-bracket banks, do not have trading divisions or large retail deposit bases.