It is sometimes said to be tough at the top. But as the number of investment banks that can be considered bulge-bracket narrows, it is tougher still for those in the middle and at the bottom.

As Financial News reported exclusively last week, the top houses are now pulling away from the competition both globally and in Europe, Middle East and Africa region. Globally, the top trio has the highest combined wallet share since 2008. In the Emea region, the top three banks by fees now have a larger combined market share than at any time since 2002.