Deutsche Bank, Goldman Sachs and Barclays have the most to worry about during the next few years as fresh regulations of investment banks’ activity eat into profitability, according to analysts at JPMorgan.

In a pair of research reports on the world’s leading investment banks (excluding JPMorgan), published today and running to 241 pages, the analysts project regulatory changes will on average slice 30 per cent off banks’ 2011 profitability.