Investment banking fees earned in Europe, the Middle East and Africa rose by 8% last year, with a leap in revenues from equity capital markets work making up for a drop in mergers and acquisitions — the industry's biggest business.

Figures from Dealogic show total industry investment banking revenues from M&A advice, lending and capital markets underwriting across Emea stood at $19bn in 2017. The region's share of global revenues was in line with 2016, at about 23%. In comparison, US figures increased 10% to $45bn.