Revenues will continue to flow out of the coffers of struggling investment banks towards the buyside, stock exchanges and fintech firms over the coming years – to the point where banks will soon be earning less than a third of all fees generated in the world's wholesale financial markets.

In its annual report on the global capital markets industry, entitled The Value Migration and published on May 17, the Boston Consulting Group forecasts that sellside revenues will account for 31% of all money being earned by firms operating in the capital markets in 2020. In 2006, before the first signs emerged of the crisis that would engulf global finance, investment banks earned 53% of all wholesale revenues.