On 15 September 2008 Lehman Brothers collapsed, marking the peak of the Global Financial Crisis.
Over the past decade the wholesale banking industry has undergone a period of intense change in response to new regulations – on capital levels, on liquidity ratios, on resolvability and legal entity structure, and on conduct and behaviours.
These regulations have fundamentally altered the economics of the wholesale banking business and the competitive dynamic in the industry, as the analysis below shows.
