Investment banking revenues have been bolstered by big equity underwriting deals and record sales of investment-grade and high-yield corporate bonds this year, but these elements combined have failed to lift fee-income, which is at is lowest level since 2004.

In its preliminary capital markets review for the fourth quarter, Thomson Reuters said that money earned from equity capital markets activity has made up the highest proportion of investment banking fee-income since records began in 1998, but that this, together with bumper debt capital markets activity, failed to offset the decline in total fee-income.