Europe’s subdued recovery and ongoing fiscal troubles are taking their toll on investment banks. According to a new analysis by Freeman & Co, a financial services research firm, investment banking fees in western Europe fell by 17% in the first four months of this year.

The pain in western Europe is in sharp contrast to a 53% jump in banking fees in America, an 87% rise in Japan and a whopping 161% surge in China. Banks in India and, perhaps unexpectedly, Eastern Europe also registered robust fee increases.