Mergers boom but fees decline

BusinessWeek makes an astute point: The record-breaking deal market keeps on breaking records, but investment banking revenue has dropped 29 percent from the record level of 2000, the peak of the last boom. Revenues from banking operations are well below record levels. Seems that companies are a bit savvier in how they employ the banks. Margins seem to be down. Overall, revenues are higher largely because of non-banking operations, notably proprietary and other trading.

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