The global regulatory crackdown in the wake of the financial crisis is likely to cut long-term profitability at US and European investment banks by nearly a third, forcing them to cut bonuses and shed staff, says a study by JPMorgan.
The report, a copy of which has been seen by the FT, takes a deeply pessimistic view of the impact of regulatory changes that include tougher capital rules for trading and a push to trade derivatives on exchanges.
It calculates that investment banks' return on equity will fall from 15 per cent to just under 11 per cent in 2011.
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