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As 2022 began, much of the world was emerging from the biggest pandemic in a century. But instead of heralding recovery, 2022 brought an unprecedented series of interconnected geopolitical and macro-economic shocks. The result was one of the most unstable years of recent decades. Headlines were dominated by war, superpower rivalry, energy crises, supply chain chaos and soaring commodity prices.
Digitalization is blurring traditional boundaries in financial services. Today’s retail customers, influenced by their experiences with firms such as Amazon, view banking and wealth management as parts of the same personal-finance ecosystem and increasingly expect to have all their financial needs met in one place.
Unfavorable economic conditions, escalating capital requirements, and stubbornly high costs continue to depress the performance of many investment banks. Their collective 6% ROE in 2015 capped off five years of dismal revenue results. Yet the same cannot be said for the capital markets industry as a whole—the ecosystem that includes buy-side firms, sell-side firms, information service providers, and exchanges.
In a commoditized industry such as financial markets, it has been critical for investment banks to control all aspects of the value chain—from origination to distribution to dealing—in order to maintain a competitive edge. Proprietary access to information placed the balance of power in their hands.
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