European banks watched from the sidelines as US and Asian rivals took an ever-larger share of global investment banking fees in the decade after the financial crisis, according to new research that suggests there is little chance of the trend reversing.

Revenues generated from advising companies on mergers and acquisitions and raising funds in the capital markets grew at an average rate of just 1% a year for European banks between 2008 and 2018, according to Refinitiv, the data provider.