Investment banks grew at a cracking pace this year, taking on more risk and expanding into high-growth businesses. The emphasis was on acting as principals, becoming buyers of assets where they would previously have advised clients.

Banks also sought to improve the links between products, ensuring they could cross-sell as much as possible. Dubbed the triple play, the approach was pioneered by Goldman Sachs and enables a bank to provide M&A advice and debt financing as well as taking an equity stake on the deal.