The gap between the leading Americans and Europeans, now at 15.5 percentage points, is the widest since the financial crisis. The gap in combined market share between the groups stood at just 10.4 percentage points as recently as 2012.
Animal spirits in the US are simply more robust. In a down year for overall fee volumes, the pay out from US issuers held steady at $28 billion for the first nine months of 2015, matching the total for the whole of 2014. But with the global fee pie shrinking, US revenue accounted for 50% of global investment banking revenue, its highest share for the period since 2002.
European investment banking revenue totalled less than half that, coming in at just $13 billion for the first nine months of 2015, down 27% year-on-year and the lowest first nine months since 2012. Europe accounted for just 23% of global investment banking revenue.