Top investment banks lost fees to small, rapidly expanding rivals last year, as deal income soared at big recruiters such as Jefferies (JEF.N) and RBC Capital Markets (RY.TO), promising further upset in 2011. Newer entrants failed to rock the higher echelons of the investment banking hierarchy, with JPMorgan (JPM.N), Bank of America Merrill Lynch (BAC.N) and Goldman Sachs (GS.N) remaining the top three fee earners in 2010. But U.S. investment banking group Jefferies edged into the top 20 global banks by fees for the first time, Thomson Reuters data showed on Thursday.
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