Investment banking services have dominated the corporate financial services market, especially with respect to the big multinational corporations. The largest international commercial banks have seen their margins melt - or leak over to investment banks. Under the circumstances, the only defence strategy possible was to strike. And so commercial banks - either through organic growth or acquisitions of investment banks - have seized a significant position in the investment banking services market. This development consituted the first stage of commercial banks' expansion into a new sector - followed by preparations to win advantage over its established institutions. Stage two involved bank groups organised around commercial banks offering packages of traditional credit products combined with those typical of investment banking. The groups advertise the packages as the true comprehensive offer, implying that household names in investment banking should be forgotten by clients. Having made forays into the new market and won - thanks to the ability to combine the two types of banking - many a battle with incumbents, the groups are now consolidating their international position. As a result, bulge bracket firms increasingly less often include the traditional, specialised investment banks. They are being dominated by groups centred around commercial banks which, given their resource of cheap deposits and the global scale of activities, are capable of competing anywhere in the global finacial market. Are we yet to witness a process leading to a gradual takeover - by internationally active banking conglomerates - of the market of large, medium sized and perhaps even small enterprises?