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The top echelons of wholesale banking might be as competitive as ever, but they are also more fragmented. Regulation and the cost of capital necessarily limit the scope of franchises in ways that the 1990s architects of one-stop shops could hardly envisage.
The biggest firms will still claim to have a more or less full-service offering, of course, but specializations persist – look at Morgan Stanley in equities, Citi in macro and rates, Bank of America Merrill Lynch in credit, Goldman Sachs in M&A and State Street in custody.
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