Banks have so far avoided making any major changes, not least because they are also busy coping with large-scale acute challenges and their financial implications. So it is easy to lose sight of strategic issues. It’s not just Brexit that’s shifting the tectonic plates under banking – digitalisation and regulation are two other key drivers of change.
When traditional structures and markets are broken up this way, the cake will be redivided – some will lose out, but some will get a bigger slice.