When it comes to underwriting, the top banks are now more dominant than they were before the crisis. Goldman Sachs, Morgan Stanley and JPMorgan now collectively "control 42 percent of the global market so far this year...That's up from 30.7 percent for the three top underwriters in the first six months of 2008 and the highest concentration for any first half in at least a decade," according to Bloomberg.

A lot of competition has withered, that's for sure, but the big three have also been aided by sales of their own securities. All three raised money in the $5 to $7 billion range. The market for the top firms frankly looks good across several banking and capital market areas. While many thought boutiques would rise up to steal market share, we're really not seeing it. And when it comes to trading, the fees are fatter now than many ever thought imaginable. 

For more:
- here's the Bloomberg article

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