JPMorgan has jumped ahead of Barclays to take the top spot in a closely-watched UK deal fee league table in a blow to the British lender's investment banking ambitions.

The Wall Street giant raked in $324m (£255m) in dealmaking fees from the UK market in the first half of 2024, rising to first place in the ranking from third place during the same period last year, according to figures from data provider Dealogic.

JPMorgan, which is the world's largest bank by market capitalisation, saw its revenue in the UK surge more than 50 per cent to take its market share of Europe's biggest fee pool to 12 per cent.

Meanwhile, Barclays slipped to second place from first, with $267m (£210m) in UK dealmaking revenue. Chief executive CS Venkatakrishnan said in February that Barclays wanted to maintain the top spot it secured last year.

The numbers will bolster the case made by some of the bank's investors that it should ditch its US-based global investment bank, which they have argued is subscale compared to the biggest Wall Street firms.

(c) 2024 City A.M., source Newspaper