As per an OECD report, nearly all of the 11 major banks reviewed by the Senior Supervisors Group (an informal group of senior  2  BIS central bankers’ speeches  supervisors under the auspice of the Financial Stability Board – FSB) in 2008 failed to anticipate fully the severity and nature of the market stress.
On the positive side, there is some early evidence that banks with stronger corporate governance mechanisms moderated the adverse impact of the crisis on them, had higher profitability in 2008 and provided substantially higher stock returns in the immediate aftermath of the market turmoil.