Goldman Sachs will be the top investment bank, Barclays is the one challenger to Wall Street's dominance and paying big bonuses to traders is no longer a factor for success, according to a sweeping new report by JPMorgan analysts into the future of the industry.

Larger Wall Street investment banks with the financial firepower to invest in technology have taken market share from European and smaller players on the trading floor, and this will continue, according to the report.