Bank of America, HSBC and JP Morgan have been the biggest winners over the past three years in terms of consolidating or increasing their market share of investment banking and M&A advisory fees – and UBS has been the biggest loser - according to analysis by Financial News of the impact of the financial crisis on the performance of the investment banking industry.

JP Morgan has held on to the top ranking by investment banking fee income that it enjoyed before the crisis, boosted by its acquisition in March 2008 of Bear Stearns. Bank of America has bought its way into the top tier of investment banking with its acquisition of Merrill Lynch, and HSBC - without acquiring a significant bank - has more than doubled its investment banking fee income and climbed into the top 10.