New research from Reuters shows that global M&A volumes are down 32 per cent so far this year. The research also showed that Goldman Sachs is the market's largest deal-maker.

The data underscores how badly investment banking is being hit by the credit crisis, as access to leveraged finance has shut for private equity firms, a major driving force of deals last year. Corporate buyers have also become more cautious.

An example of this would be the volume of withdrawn initial public offerings so far this year already exceeding the full-year level of pulled flotations in 2007.

Benefiting from the weaker dollar, European companies acquired more rivals in the United States than last year, with hostile deals reaching $82.1 billion (£45.5 billion), the highest level since 1999 when the number stood at $100.7 billion (£55.9 billion).