Following the fire-sale of Bear Stearns, the bankruptcy of Lehman Brokers and the shock acquisition of Merrill Lynch by Bank of America, the days o

Following the fire-sale of Bear Stearns, the bankruptcy of Lehman Brokers and the shock acquisition of Merrill Lynch by Bank of America, the days of the all-in-one global investment bank may be nearing an end, according to Larry Tabb, founder and chief executive of Tabb Group, a New York-based research firm specialising in analysis of the investing value chain linking the fiduciary, investment manager, broker, exchange and custodian.

"Without doubt, the investment banking industry will never be the same," Tabb says in Lehman, Merrill and Bear - Oh My, founder and chief executive of Tabb Group, a commentary and reflection on the future of the industry in the wake of the collapse or takeover of three of the top five independent investment banks within the space of six months.

"We are seeing a downsizing of industry capacity and we will absolutely see a movement away from risk toward transparency and liquidity. Besides becoming morose over the loss of these iconic brands, the pain of friends and former colleagues and elimination of billions of dollars in wealth, the real question is: What will become of the investment banking industry?