We've suggested previously that one of the few looming bright spots for Wall Street banks was the deal environment, which continues to look good. If we end up with another round of layoffs, we think deal makers might be somewhat safe given the likelihood of more deals. The pipeline seems to be chock full-of promise anyway.

According to a recent Nomura analyst report, no less than Lloyd Blankfein, the CEO of Goldman Sachs (NYSE: GS) agrees. "Goldman remains reasonably bullish on the outlook for investment-banking activity in 2011," said analyst Glenn Schorr, according to Bloomberg. "In fact, Lloyd listed investment banking as the business that he's most confident in as we close out 2010."

But it is still surprising--though I guess we shouldn't be any longer--just how dominant FICC revenues are in comparison. Investment banking accounted for about 11 percent of revenue in the first three quarters, while FICC accounted for 51 percent of revenue. The disparity is likely to change by this time next year.

This year was nevertheless a decent year for deal advisory fees. Global mergers rose nearly 19 percent in 2010. Energy deal activity was especially strong. For what it's worth, Goldman Sachs and Morgan Stanley (NYSE: MS) seem to have locked down the top spots in the league tables. It will be more important to finish on top next year.

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