The deregulation of the UK’s financial markets paved the way for a new era of global banking in the City of London. With the removal of many rules the country’s biggest financial firms were consumed by American and European rivals, and the US investment banks gained international dominance.

With the notion of "single capacity" gone forever, running a financial firm with advisory, trading, research units and investment management became commonplace. Financial supermarkets would eventually emerge with the cross-selling of products an integral part of their business models.