For banks with plenty of capital, that adjustment process is likely to present a chance to pick up business that, appropriately managed, will prove quite profitable over time. I acknowledge that this is a formidable "to do" list for banks.
But it has been a formidable episode of financial turbulence that has revealed major weaknesses in our financial system, including the business practices of many banks. And this episode has also left the regulators with many issues to consider.