JP Morgan has topped the global equity capital market league table for the second year, buoyed by a record amount of follow-on offerings led by a tidal wave of billion-dollar bank recapitalisations.

JP Morgan earned $1.4bn (€1bn) in ECM fees this year by acting as a bookrunner on 160 deals globally valued at $71.6bn, according to data provider Thomson Reuters. This represents a 26% drop in fees compared with last year, when the US bank also topped the global ECM league table.