UK investment banking revenue down 21 per cent in first quarter of 2016 despite Shell and BT deals completing

 
William Turvill
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(FILES) A picture taken 17 April 2007 in...
Goldman Sachs accounted for 12.3 per cent of the total $1bn in UK investment banking revenue in the first quarter (Source: Getty)

UK investment banking revenue was down 21 per cent in the first quarter of this year, according to newly-compiled figures.

Goldman Sachs accounted for 12.3 per cent of the total $1bn (£695m) revenue, ahead of JP Morgan (10.4 per cent) and Barclays (6.9 per cent).

Read more: Investment banking revenue plummets to post-crisis low

Dealogic's UK investment banking review for the first quarter of 2016 noted that the $1bn figure made this the weakest first quarter since 2012, when the total was $895m.

Although investment banking turnover was down, the UK commanded a greater share – 27 per cent, up from 22 per cent last year – of European revenue, which totalled $3.8bn.

Investment banking revenue from mergers and acquisitions (M&A) activity made up 56 per cent of the total amount, its highest quarterly share since 2000.

Read more: Citigroup profits plunge 27 per cent

The M&A figure, $571m, was the highest quarterly total since 2008, owing to the record amount of deals announced last year.

M&A revenue was driven by the completion of Royal Dutch Shell's $66bn acquisition of BG Group and BT's $20.7bn acquisition of EE, both of which completed in the quarter.

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