Earlier this week, Financial News reported investment banks are on course for their worst third quarter of revenues since 2003, after activity in Europe and North America slumped to historic lows in August.

Investment banking revenues in Europe from August 1 to August 26, stood at $523m, according to data provider Dealogic. That is down 46% on the figure for August last year, and the lowest for that month since1997. Similarly, revenues derived from activity in North America stood at $1.3bn, putting them on course to be the lowest for August since 1996.