BRINGING OUR BEST INSIGHTS TO THE DAY’S NEWS
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Brought to you by Alex Panas, global leader of industries, & Axel Karlsson, global leader of functional practices and growth platforms
Welcome to the latest edition of Only McKinsey Perspectives. We hope you find our insights useful. Let us know what you think at Alex_Panas@McKinsey.com and Axel_Karlsson@McKinsey.com.
—Alex and Axel
In the news. AI is redefining what it means to learn, transitioning from a series of one-off milestones into a lifelong, adaptive process. As Fast Company reports, global spending on AI-powered education could reach $127 billion by 2035, driven in part by a demand for personalized skill development. Yet experts caution that progress should be measured against real outcomes, not marketing hype. Responsible integration—that is, balancing automation with critical thinking and equity—is emerging as a key differentiator for accelerating innovation and workforce development. [Fast Company]
On McKinsey.com. As AI reshapes how people work and learn, the role of chief learning officers (CLOs) is entering a new era. Work and learning are merging, say McKinsey Partners Bryan Hancock and Heather Stefanski and their coauthor. The next frontier for CLOs is thinking beyond training programs to designing entire, tech-enabled ecosystems in which day-to-day work is inherently developmental. For example, AI can embed learning into daily workflows via real-time coaching in customer interactions and dynamic skill dashboards that track growth. As a result, every task becomes an opportunity to learn, adapt, and lead—and CLOs can link learning to business outcomes in a more strategic, measurable way.Rethink learning in the AI era
In the news. Private-credit secondary markets in which existing investment funds or individual loans are traded are heating up amid ongoing market volatility, The Wall Street Journal reports. In 2024, the volume of such transactions surpassed $12 billion—up more than 70% since 2022—and is projected to exceed $14 billion this year, as investors are seeking liquidity and flexibility. Several asset managers have raised multibillion-dollar structures to capture this momentum. For executives, this surge shows how private credit is evolving from a niche form of financing to the mainstream—and why capital strategy and liquidity management now demand renewed focus by investors. [WSJ]On McKinsey.com. After a record $1.2 trillion in profits last year, the banking sector faces a tougher decade ahead, according to McKinsey’s Global Banking Annual Review 2025. Senior Partners Klaus Dallerup and Miklós Dietz and coauthors find that despite the high returns, the valuation of banks trails other industries by almost 70%—reflecting doubts about their future value creation. To sustain profitable growth, banks can focus on precision-driven strategies across segmentation, AI deployment, capital efficiency, and M&A. Those that integrate AI in highly targeted ways and adapt to new consumer preferences could capture the next wave of value in banking.Catch banking’s next growth curve
In the news. Manufacturers across Europe and North America are charting sharply different paths toward the energy transition, Reuters reports. North American plants are expected to continue relying heavily on natural gas, and Europe’s factories are rapidly electrifying to cut their fossil fuel dependence. According to one set of forecasts, nearly half of manufacturers in Europe could be powered by electricity in 2050, compared with about one-third in North America. The split reflects divergent trends in energy pricing and resource bases, and it could reshape the competitiveness of global manufacturing as energy costs increasingly determine where investments flow and production happens. [Reuters]On McKinsey.com. The world’s energy transition remains complex and uneven, with regions pursuing distinct trajectories based on resources and economic conditions, according to McKinsey’s Global Energy Perspective 2025. While electricity demand is surging from data centers, industrial electrification, and population growth, fossil fuels could still account for up to 55% of global energy use by 2050. Senior Partner Humayun Tai and coauthors note that energy leaders face a triple challenge of affordability, reliability, and decarbonization, all of which propel their decision-making. Success in today’s energy landscape will depend on pragmatic, region-specific transitions that take economic and geopolitical realities into account.Prepare for future energy needs
—Edited by Sarah Thuerk, editor, Atlanta
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