It is always hard to say when one era ends and another begins. But at some point in the past year the investment banking industry shifted from a decade dominated by Goldman Sachs, to a new world in which many say JP Morgan has become the bank to beat.

A glance at the investment bank's record first-quarter revenues of $8.3bn (€6.1bn) and record net income of $1.6bn helps establish that claim. At a time when many investment banks are struggling to make a profit, JP Morgan made a return on equity of 20%.