Where in the world do leading investment banks earn their money in IBD (M&A, equity capital markets and debt capital markets)? Try....North America.
New figures from Dealogic show that every single major investment bank, with the exception of UBS, has made the bulk of its IBD revenues in North America this year. And even UBS made 49.2% of its IBD revenues there.
Europe is diminutive by comparison, and Asia is close to meaningless.
What does this mean for your investment banking job? Simply that if you work for BAML, Morgan Stanley and even Credit Suisse in Europe, you are in a marginally important regional office. North America is where the action is, seriously.
Photo credit: Richmond pond small by David Howard is licensed under CC BY 2.0.