Global fees for services ranging from merger and acquisitions advisory services to capital markets underwriting reached $16.2 billion by the end of March, the slowest first quarter for fees since 2009.

Regionally, fees in the Americas totaled $8.7 billion, down 32 percent from last year. Fees in Europe were down 27 percent at $3.9 billion and the Asia-Pacific region saw an 18 percent decline to $2.6 billion.

Investment banking income was dragged down across all products as global markets were hit by volatility sparked by global growth worries, geopolitical tensions in the Middle East and a China slowdown.

Company boards and their chief executives were deterred from pulling the trigger on big transformative deals, in contrast to the record levels of activity seen last year, although the quarter saw a flurry of Chinese companies seeking Western targets.

Equity capital markets fees saw the steepest decline of 48 percent compared to a year ago, followed by a 26 percent fall in debt capital markets fees and an 18 percent decline in M&A revenue.

JPMorgan (>> JPMorgan Chase & Co.) topped the global league table for fees, drawing in $1.2 billion during the quarter, a decline of 23 percent compared to a year earlier but gaining slightly in overall wallet share.

The top five banks were all American, but European banks Barclays (>> Barclays PLC) and Credit Suisse (>> Credit Suisse Group AG) each gained one place to rank sixth and seventh respectively.

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(Editing by Susan Fenton)

By Anjuli Davies

Stocks treated in this article : JPMorgan Chase & Co., Credit Suisse Group AG, Barclays PLC