Times are tough for U.S. investment banks, and overseas banks are taking aim at the market. Capital, Deutsche Bank, Credit Suisse and UBS are now among the top 10 global merger advisers; a decade ago, the only non-United States firm was Dresdner Kleinwort, notes the New York Times. Which also notes that 10 years ago, only one foreign bank, Credit Suisse, ranked among the top 10 debt underwriters.

This year, four foreign banks are in the top 10. The bank that has most aggressively sought to expand in the U.S. is Barclays, which is now a major player in the capital markets. Recall it bought up what remained of Lehman Brothers. It is now the number four debt underwriter in the United States, ranking ahead of even Goldman Sachs and Morgan Stanley. This may become an issue; some might argue that undue constraints would play to overseas banks' favor.  

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