If the cakes of the future are to be profitable ones, we are going to need new and improved recipes. You will probably be familiar with my long-held view that institutions should scrutinise their business models, and that many of them should adapt them, or even overhaul them altogether. Because the pressure is set to mount still further.
The business environment has been 2/4  BIS central bankers' speeches  transformed beyond recognition since 2008 – the setting today is often referred to as “the new normal". And business models cannot very well remain stuck in “old normal” mode.