In the new edition of McKinsey’s Global Annual Banking Review, we look at the industry’s great divergence. Traditional banks, which rely on balance sheet business, are valued similarly to utilities. Financial specialists (especially in payments) and fintechs, which are more focused on origination and sales, are valued more like tech companies in other industries. Read the report for more on the sources of divergence and a playbook for laggards to catch up.

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To read the report, see “McKinsey’s Global Banking Annual Review,” December 1, 2021.