There has been a paradigm shift in the global investment banking industry that will force every market participant to structurally change their business model, according to a 232-page report by JP Morgan analysts, who said those who move first to achieve this end are likely to be rewarded.

In a report published this morning, entitled 'Global Investment Banks: IB landscape changes across the globe - the path to an acceptable ROE for Tier I and II players', a team of 15 analysts led by Kian Abouhossein, head of banks research at JP Morgan, set out their views on the evolving business models of investment banks.