The changes to the environment in which banks operate-tougher regulation, higher capital requirements and scarcer funding-will have a dramatic impact on the way that banks are managed. But banks are also reflecting hard on some fundamental internal questions, such as how to manage risk, compensation and growth itself. Too many bosses and shareholders accepted years of double-digit returns without probing the sources and sus-tainability of those profits. "No one was asking the 'Columbo' questions," says Toos Daruvala of McKinsey, a consultancy.
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