Banks to restructure as revenues tumble Leading European and US investment banks, including Credit Suisse, Deutsche Bank, and Goldman Sachs, are likely to record a 20pc year-on-year decline in their revenues for the first three months of 2012 as earnings from businesses such as corporate advisory and foreign exchange decline. Barclays estimates that banks' revenues from equity underwriting have fallen 44pc in the first two months of this year compared to the same period in 2011, while mergers and acquisitions advisory revenues are down 39pc. Senior bankers interviewed by Barclays told its analysts they expected several European banks to completely shut down parts of their investment banking divisions. At the same time, larger banks said they expected to gain market share as more marginal players retrenched to their home markets. "There is talk of maybe five players remaining big globally and across all product areas, and beyond that players focusing more narrowly on particular pockets of strength," said Barclays. State-backed lender Royal Bank of Scotland, which is 82pc-owned by the taxpayer, is in the middle of a major reorganisation of its global banking and markets investment banking business. However, the Barclays analysts said RBS investment bankers based in the US remained "surprisingly ambitious and aggressive" despite the changes.