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Figures released by research firm Dealogic show that last week, investment banks hit $40 billion (£21.8 billion) - around a third under the level recorded 12 months earlier ($60.2 billion).
Furthermore, it took investment banks three months longer to hit the year-to-date target than they did in 2007, Financial News reports.
The fees are accumulated from mergers and acquisitions (M&A), syndicated loan underwriting, equity and debt.
According to the report, JP Morgan generated the most income from investment banking fees - placing it ahead of Goldman Sachs and Citigroup.
Earlier this year, the BBC claimed that many high-flying investment bankers are leaving New York and heading to Asia.
Dealmakers from Credit Suisse, JP Morgan, Goldman Sachs and Blackstone Group have all headed east to be closer to a busy M&A market.
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