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Who crashed banking’s party?

In financial services, outperformers have gained $1.3 trillion in market cap since March 2020. But 70 percent of that has gone to nonbanks. A group of 32 institutions, dominated by payments firms, exchanges, and securities houses, has captured the fancy of investors.

Nonbank specialists in financial services accounted for more than 70 percent of about $1.3 trillion in market capitalization.
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To read the article, see “Capital markets’ message to financial institutions: Differentiate or perish,” September 28, 2021.