WIth Barclays' downsizing, there is no longer any British bank in the bulge bracket

Barclays is cutting 7000 jobs from its investment bank (one quarter of the staff) and moving over half its investment banking-related assets into a bad bank.  Barclays’ focus will be the U.K. and the U.S.  Higher capital requirements and more deferred pay put at a disadvantage, they say, UK banks compared to those in France, Germany, and the U.S.  Wasn't the U.K. supposed to benefit from banking restrictions on the continent?  The banking sector worldwide is in secular decline as debt/GDP shrinks.  According to the FT, Deutsche and the Wall Street players will be the only bulge bracket banks left.  Where does this leave London and Paris?