The global banking sector is reinventing itself after the 2007-2009 financial crisis--a process that Standard&Poor's Ratings Services believes will take at least a decade to complete. Today, four years into this transition, the industry has reached several critical inflection points: A potential shift in the power balance of global banking between banks in the developed markets of Western Europe and the U.S. on one side and the larger emerging countries in Asia and Latin America on the other; A developing regulatory backdrop, which may set the scene for a decline in revenues for traditional regulated banking and growth in volumes for shadow banking and disintermediation; and A change in the nature of government support for banks, which may
