Painful memories of the global financial crisis may still be fresh, but there is an almost tangible sense that the banking industry has finally got up the confidence to re-write the playbook. The world's major banks have restructured and re-tooled. Marshalled by a tough new regulatory and supervisory regime, they have reduced risk-weighted assets, re-sized employee populations, rebalanced client portfolios, rebuilt product platforms, re-thought geographical footprints and redesigned IT, data management and other operational architectures. They are simpler and less fragmented organisations, better capitalised, less leveraged and more liquid.
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