Bulge banks squeezed but can they bounce back?

How many times have you been told it was inevitable that Europe’s corporate finance market will become like the US, with a small oligopoly of banks doing the vast majority of business — and fatter fees? If you heard that any time in the past 20 years, the prediction has turned out false. Could 2013 be the year when the big hitters’ prayers are answered? Jon Hay reports.