Banks overall continue to trade at a steep discount to other sectors, a reflection of the fact-confirmed once again in 2022-that more than half of the world’s banks earn less than their cost of equity. One thing didn’t change, however: valuations. Global Banking Annual Review 2022: Banking on a sustainable path (46 pages)įirst the pandemic, and now inflation, war, rising interest rates, supply chain disruption, and more: for banks globally, the combination of macroeconomic volatility and geopolitical disruption in 2022 overturned many assumptions and ended more than a decade of relative stability.
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