In the foreword to our 2012 report Banking industry reform – A new equilibrium1
,
we made a prediction about the global financial crisis. We said that the financial
sector would emerge from the crisis to a world very different from the one we
remember going in, partly as a result of the crisis itself, and partly due to other
global trends and developments that have been gathering pace alongside it. These
included changes in global economic growth patterns, advances in technology, a new
competitive landscape, and also – crucially – changes in stakeholder attitudes and
expectations.
We added that banks’ responses to the crisis – and the related reform agenda –
should take full account of these trends and developments, or they would risk
emerging from the crisis ‘recapitalised, restructured, reformed ... but irrelevant’.
In the foreword to our 2012 report Banking industry reform – A new equilibrium1
,
we made a prediction about the global financial crisis. We said that the financial
sector would emerge from the crisis to a world very different from the one we
remember going in, partly as a result of the crisis itself, and partly due to other
global trends and developments that have been gathering pace alongside it. These
included changes in global economic growth patterns, advances in technology, a new
competitive landscape, and also – crucially – changes in stakeholder attitudes and
expectations.
We added that banks’ responses to the crisis – and the related reform agenda –
should take full account of these trends and developments, or they would risk
emerging from the crisis ‘recapitalised, restructured, reformed ... but irrelevant’.
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