A decade after the Great Recession a lot has changed in financial services. But much has also stayed the same. Not including regulator-enforced bank rescues, league tables of the largest financial services organisations in Europe, and across the Middle East and Africa, are much the same as before the crash. Despite a dent to revenues, and share prices between 2008 and 2010, global bank market capitalisation has grown nearly 50% in the years since. Trust in banking has also bounced back – UK consumers’ trust in banks is at the same level as high street retailers. At a time when the number of bank branches in Europe has declined by a fifth, and the number of banks by nearly a quarter, since 2008.
But all is not quite as it seems.