A skittish market took its toll on bank investment services revenue in November, according to a monthly survey.

Banks averaged $138 of investment services revenue per $1 million of deposits in November, down 8.6% from a revised $151 in October, according to a study of 18 large banks by Kenneth Kehrer Associates of Princeton, N.J.

The total was dragged by declining revenues from sales of fixed annuities and mutual funds, which were off 19% and 11%, respectively. Revenues from variable annuities sales, however, rose 7%.

Variable annuity and mutual fund sales typically move in tandem. Kenneth Kehrer, the consulting firm's principal, said variable annuity sales were strong because vendors were promoting products with bonus interest rates.

Productivity of the average full-time bank broker was down 9%, to an average gross commission revenue per broker of $19,190. Sales productivity of bankers who sell investment products grew 3%, to $866 in monthly commission revenue.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.