Despite continued opportunities in rapidly developing economies such as China, most investment banks will struggle to return to pre-financial crisis levels of profitability due to "severe" regulatory and market pressures, according to a report by Boston Consulting Group.

"Some players may be forced to exit the industry entirely, and many more will leave certain asset classes or gradually reduce their exposure and investments in unprofitable areas," the firm said in its Global Capital Markets 2013 report, released on Tuesday.

"In short, only the fittest will survive."