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).
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.