A glance at the state of investment banking activity as the end of the third quarter approaches is as likely to bring on a bout of depression among bankers as it is to fuel a sense of euphoria, depending on what sector they work in and where they are based.

With less than a week of September to go before the third quarter ends and banks start reporting their results in October, preliminary data from Dealogic will make for decidedly mixed reading: across the global investment banking sector, revenues have been 14% down over nine months from year-ago levels, with the only growth coming from M&A.