The trading bonanza that has sustained revenues at the world’s biggest lenders during the Covid-19 pandemic could be replaced with a widespread shift towards the staid world of transaction banking as firms look to sustain elevated profits.

A sweeping new report from consultants Oliver Wyman and Morgan Stanley says that the boom over the past year at the world's largest investment banks could be sustained over the next two years at least. The report suggests a return on equity across the corporate and investment banking sector of around 12%, in line with 2020 and above the profitability seen in the previous three years.