JPMorgan banks analysts led by Kian Abouhossein published a 110-page note on Wednesday about the key investment themes for the financial sector.
There are lots of interesting tidbits, covering revenue expectations for key trading lines and the prospect of additional job cuts.
This chart also jumped out. It shows the top players in fixed income, currencies and commodities, and equities, based on JPMorgan estimates.
The top five in each market have a combined market share of more than 50%, and it is these banks, according to JPMorgan, that will be the winners in each market over the long term.
A few banks appear in both: JPMorgan, Goldman Sachs, and Bank of America Merrill Lynch.
Then there are banks that feature in the top five in one business line and are investing to make up market share in another, such as Deutsche Bank and Citigroup. The two banks are inside the top five by market share in fixed income and have set out plans to invest in equities, where they are off the pace.
And finally, there are banks like Credit Suisse, Morgan Stanley, and UBS, which have a strong market position in equities and have deemphasized fixed income, currencies, and commodities.