Demand for many services will not go away, but in a world of scarcer credit, universal banks will be tempted to use their lending capacity to win juicier investment-banking business from companies.

• 许多服务的需求不会消失，但身处信用缺乏之世，全能银行将利用其借款能力获取企业原本交由投行的丰厚业务。