Can specialized banks compete with universal banks in the long-term?

I understand that certain specialty shops, such as GS, have done extremely well for themselves. I'm curious, however, how these banks can fare in the long term, especially in an era of bank consolidation. As we see deal size exponentially grow, companies are increasingly requesting, and banks are increasingly obligated to provide, financing for these deals. Banks who put their large balance sheets on the line to provide financing can always woo a dollar or two in M&A fees. If credit eases and we enter a new era of $100bn+ transactions, I can easily the likes of JPMorgan, Citi, BofA or HSBC leverageing their balance sheets into exclusive financial advisor roles.