Merrill Lynch could make as much as 75% of its investment banking revenues from outside the US within five years, according to two of its most senior executives. The predicted growth of Merrill's non-US business will aggravate concerns on Wall Street that its dominance as a global financial centre is slipping .

Dow Kim and Greg Fleming, co-heads of global markets and investment banking at Merrill Lynch, told Banc of America Securities analyst Michael Hecht they anticipate that non-US revenues will jump from 50% last year to 75% in the next five years. Hecht predicts it will take the division three to five years to reach that point.