Belgian beer company AB InBev was the largest source of investment banking revenues in Europe last year - and Lazard, Deutsche Bank and Barclays split close to half of the brewer's fees between them.

In total, European clients paid banks about $16.1 billion in fees across mergers and acquisitions advice, debt and equity capital markets and loans in 2016, down from $18 billion in 2015. It was the lowest annual total since 2012.