A wide-ranging report on the state of the investment banking industry, coupled with news of fresh job cuts at Deutsche Bank, have combined to suggest tough times lie ahead for Europe's big trading banks.

Deutsche Bank, Barclays, Royal Bank of Scotland, UBS and Credit Suisse lost 5% of their market share in global investment banking revenues to US rivals last year. This is according to an annual report from Morgan Stanley and Oliver Wyman in which the two institutions asked the question: Is this the end of European banks a global flowmonsters?