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The leading ten arrangers have earned less than 65% of total fees, and only one bank, JPMorgan, which scooped more than $450m, has a market share above 10%.
At the same time, with interest rates so low, banks have earned less interest on the loans they do make, crimping a major source of profits.
This kind of utilitarian thinking is what produces ridiculous surveys telling us that students who have taken a gap year may have earned less by the time they are 30.
In its ruling, the State Court of Appeals said it found the Ronettes' plight sympathetic, because they have earned less than $15,000 in royalties from songs that topped the charts and made them famous.
For at least a quarter-century, as the firms have earned less money from simply selling stocks to investors, many have come to rely increasingly on fees from underwriting, merger advice and other investment banking services.
But would the student who went to Yale have earned less if he or she had attended a less prestigious school?
Similar(47)
The triumphant "Birdman" has earned less than thirty-eight million.
But in recent years, he has earned less than he did a quarter-century ago, even as the cost of living has climbed.
She arrived here having earned less than $100,000 (about £55,000) in her career and failed in all previous attempts to qualify for a Grand Slam tournament.
He had earned less than a year's worth of credits at Ouachita Baptist University when Clinton's campaign took off, and he became a full-time volunteer.
He said he had earned less at the Honda dealership in commissions than in previous years and sought the part-time holiday job to help make ends meet.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com