Investment banks traditionally make money from fees in four ways: debt capital markets, equity capital markets, mergers & acquisitions, and syndicated lending.

This interactive infographic shows how that fee “pie” has changed in size and split over the last two decades. Note that for 2014, it only includes data for the first five months or so.

H/T Visual Capitalist

The Evolution Of Investment Bank Fees From 1996 To 2014

Infographic source: eFinancial News