The tough times for investment bankers in Asia seem set to continue thanks to dwindling revenues that are down 27% this year, according to Dealogic.
So far, the fall in revenue has been far bigger than the drop in headcount at most of the big banks, which suggests that further rounds of cuts may be necessary. Most of the pain is in China equity capital markets, which makes up half of core investment banking revenue in the country. Total fees on the mainland, as estimated by Dealogic, are just $1.2 billion year-to-date, down from $1.9 billion during the same period last year.
The type of activity has...
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