This year is not  completely lost for European banks. While their Wall Street rivals dominated the sales and trading bonanza in the first half, European lenders clawed back market share between July and September.

The top European banks gained back around 3% of the market from their US rivals during the third quarter, according to data provider Coalition. But the swing in the third quarter will only help to offset some of the damage inflicted earlier in the year, as larger Wall Street banks ate up market share from their European rivals.