2011 probably isn’t going to be a great year for investment banking pay. The general consensus is that compensation will be lower than last year, particularly in markets businesses were revenues are likely to be down substantially.

However, revenues will not be down across the board. Within IBD, some banks’ businesses have had an exceptional year to date and – if momentum can be maintained – will be deserving of an increase in pay. Others have had a disastrous year and will be in line for a pay cut.

Based on their European revenue performance in 2011 relative to the market, here’s who’s currently deserving of a compensation increase this year and who isn’t. Data is provided by Dealogic.

All European IBD (ECM, DCM, M&A and loans)

Increase in European IBD revenues across top 10 banks (ytd vs. same period of 2010): 25%.

Significant outperformers (deserving of increased compensation):

1) Goldman Sachs (European IBD revenues up 85% ytd)

2) Citi (European IBD revenues up 57% ytd)

3) BAML (European IBD revenues up 53% ytd)

Underperformers (deserving of reduced compensation):

1) UBS (European IBD revenues down 15%)

2) Credit Suisse (European IBD revenues up 27%)

3) BNP Paribas (European IBD revenues up 29%).

European DCM

Increase in European DCM revenues across top 10 banks (ytd vs. same period of 2010): 12%.

Significant outperformers (deserving of increased compensation):

1) Goldman Sachs (European DCM revenues up 113%)

2) Citi (European DCM revenues up 61%)

3) Deutsche (European DCM revenues up 42%)

Underperformers (deserving of reduced compensation):

1) Credit Suisse (European DCM revenues down 18%)

2) Barclays Capital (European DCM revenues up 2%)

3) JPMorgan (European DCM revenues up 10%)

European ECM

Increase in European ECM revenues across top 10 banks (ytd vs. same period of 2010): 55%.

Significant outperformers (deserving of increased compensation):

1) Barclays Capital (European ECM revenues up 661%)

3) Morgan Stanley (European ECM revenues up 124%)

3) Citi (European ECM revenues up 111%)

Underperformers (deserving of reduced compensation):

1) UBS (European ECM revenues up 4%)

2) BAML (European ECM revenues up 24%)

3) JPMorgan (European ECM revenues up 28%)

European M&A

Increase in European M&A revenues across top 10 banks (ytd vs. same period of 2010): 19%.

Significant outperformers (deserving of increased compensation):

1) BAML (European M&A revenues up 202%)

2) Goldman Sachs (European M&A revenues up 68%)

3) JPMorgan (European M&A revenues up 45%)

Underperformers (deserving of reduced compensation):

1) UBS (European M&A revenues down 24%)

2) Rothschild (European M&A revenues down 12%)

3) Lazard (European M&A revenues up 9%)