2022 marked the biggest shift in global banking for over a decade. And according to McKinsey’s report on the future of the banking industry ‘Global Banking Annual Review (GBAR) 2022’ more than half of the world’s banks have continued to struggle with profitability and have a return on equity that is below their cost of capital.
Joydeep Sengupta, Senior Partner, McKinsey & Company shares more on why banks are facing such challenges and the opportunities present for the industry.