Investment bank bosses must be “bold and innovative” as they “fundamentally reshape their business” to achieve long-term success, according to a new report from adviser EY.

In the report, Capital markets: building the investment bank of the future, EY's analysts wrote that banks have been "struggling to redefine their roles" since the global financial crisis, adding that attempts to "recapture" their double-digit returns on equity of a decade ago have mostly been unsuccessful.