Global Banking Annual Review 2023: The Great Banking Transition.

While the growth of assets under management outside of banks' balance sheets is not new, our analysis suggests that the traditional core of the banking sector - the balance sheet - now finds itself at a tipping point. Below the surface, too, much has changed: balance sheet and transactions have increasingly moved out of traditional banks to nontraditional institutions and to parts of the market that are capital-light and often differently regulated - for example, to digital payments specialists and private markets, including alternative asset management firms. Time for bold late-cycle moves 2018: Banks in the changing world of financial intermediation 2017: Remaking the bank for an ecosystem world 2016: A brave new world for global banking 2015: The fight for the customer 2014: The road back The ROE growth was accompanied by volatility over the past 18 months. [Extracted from the article]