Goldman Sachs was the most successful investment bank in Europe last year, according to rankings compiled by Financial News. It won the title for the third year in a row, while main rival Morgan Stanley slipped from second to fifth.

JP Morgan climbed two places from fourth, reclaiming the runner-up position it held in 2003, while Deutsche recovered from ninth in 2004 to third last year. The rankings calculate combined market share in mergers and acquisitions, debt and equity capital markets.