Section 1: Brave New World

As the banking industry enters a period of profound, and probably difficult change, not only do the world’s banks face a tidal wave of post-crisis regulatory initiatives and restructuring, they also face a widespread loss of public confidence. But new pressures also bring new ideas and new opportunities.

António Horta-Osório, the incoming chief executive officer of Lloyds Banking Group, writes that the time has come for banks to win back trust by returning to the basics of banking. This means focusing on retail clients, small and medium-sized enterprises and other corporate customers, helping them with payments, deposits and loans, and supporting the flow of credit to the economy. One of the reasons for banks’ existence is to take in money from different sources and maturities, transforming deposits into prudent loans.

Vikram Pandit, chief executive officer of Citigroup, is concerned that those in most financial need are not shut out of the system as a result of tight credit markets, cost-cutting and regulations. He challenges bankers and regulators to work together on lower-cost structures that make it viable for banks to serve the less affluent fairly.

Bank of America president and CEO Brian Moynihan gives three good reasons why integrated banks offering a wide range of services are in the public’s best interest, in the face of calls to ring-fence investment banking from deposit-taking businesses.

Guo Shuqing, chairman of China Construction Bank, looks at the current strength of China’s largest banks, soberly reflecting on what needs to be done to unleash China’s growing financial might.

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