麦肯锡：2025年全球银行业年鉴：为什么精准而非份量决定了银行业的未来报告（英文版）

In 2024, the global banking sector generated profits of about $1.2 trillion, the highest total ever for any industry. Yet capital markets remain skeptical: Valuations trail the average of all other industries by nearly 70 percent. Why? Markets doubt banks’ recent highs are sustainable, seeing them as tailwind driven. Complicating the picture are macroeconomic forces, including declining interest rates, shifts in technology and consumer behavior, and the steady siphoning of attractive profit p