Wall Street shrinkage - permanent?

Most of the analysts (and UBS and CS in their IR presentations this month) say yes, certain areas will be permanently smaller due mainly to Basel 3 and a lesser extand MIFD2 and EMIR2 (or is it 3 now) and Dodd Frank. Goldman says not. But the sell-side analyst (including Goldmans' bank analysts) pretty much all say in aggregate yes, FICC especially will be smaller.

M&A, private wealth, asst mgt, private banking, maybe a tad bigger. Equities, not so changed.

The big money for the past 10 years has been FICC - for most banks the majority of both revenues and profits.

you said shrinkage!