In 2014, Goldman Sachs ranked number one among all investment banks doing business in China and Asia’s emerging economies. Now it isn’t even in the top 10.

The rankings instead have been dominated by Chinese banks, which this year have pocketed a record 60% of fees from advising on mergers and raising capital in Asia, according to research firm Dealogic. No American or European bank sits higher than seventh in the rankings, which exclude activity in Japan and Australia.