Deutsche Bank has topped the investment banking league table in Germany for the first time in three years, leapfrogging US rivals that have squeezed European peers across most products and regions during the 2021 deal boom.

In another sign of its recovery after a series of annual losses prompted it to reshape its business in 2019, the German lender finished 2021 at the top of the investment banking league tables for its home country, ahead of JPMorgan with $342m in revenue, according to data provider Dealogic.