The days when any large-ish bank could set up shop, load its balance sheet with debt and become an also-ran in anything from bond underwriting to complex derivatives are over.
With the resulting near-collapse of financial systems, the banks passed the debt load on to the balance sheets of governments as part of government rescue efforts.
With the resulting near-collapse of financial systems globally, the banks passed the debt load on to the balance sheets of governments as part of the government rescue efforts.