Citigroup, UBS Warburg and Deutsche Bank increased their share of the global investment banking fee pool last year, according to data compiled by Freeman & Co, the US consultancy. By contrast, Merrill Lynch, CSFB, Goldman Sachs and Morgan Stanley saw significant falls in market share.

Global investment banking revenues were down sharply for the second year running in 2002. Fees from M&A deals and primary debt and equity issues totalled $33.2bn (€29.9bn) in 2002, compared with $42bn in 2001 and more than $50bn the previous year, which marked the peak of the cycle.