FivebigshiftsshapinganewworldforcorporateandinvestmentbanksThisreportisacollaborativeeffortbyFuadFaridi,RushabhKapashi,MatthieuLemerle,VinceMarriott,andAmmarZahid,representingviewsfromMcKinsey’sFinancialServicesPractice.December2023FuadFaridiisapartnerinMcKinsey’sNewYorkoffice,whereRushabhKapashiisaseniorpartnerandVinceMarriottisanassociatepartner.MatthieuLemerleisaseniorpartnerintheLondonoffice,andAmmarZahidisanassociatepartnerintheMiamioffice.Coverimage©MichaelLee/GettyImagesTableofcontentsExecutivesummary1CIBtoday:Variedperformanceacrosssegmentsofone4Fivebigshiftsdrivinganewoperatingenvironmentandhowtonavigatethem14Thewayforward34Acknowledgments37Contacts37Fivebigshiftsshapinganewworldforcorporateandinvestmentbanksiii©PhilippeLEJEANVRE/GettyImagesExecutivesummaryTheperformanceofthecorporateandinvestmentbanking(CIB)sectorhasbeenpositiveonaggregate.In2022,CIBorganizationsgenerated$2.9trillionofrevenueandachievedanRoEofabout12percentata54percentcost-to-incomeratio.Indoingso,theindustrycovereditscostofequityafteradecadeofrestructuringfollowingtheglobalfinancialcrisisandmorerecentpandemic-drivenvolatility.Thosefundamentalshavepersistedin2023despiteliquidityissuesandotherchallenges.However,theseaveragefiguresmaskwidevariationsinperformance,withaspreadof700basispointsormoreinROEbetweenthetopandbottomperformer...
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