McKinsey analysts Miklos Dietz, Robert Reibestein and Cornelius Walter recently published a forecast for the future fortunes of the banking industry, and predict further growth.
Despite recent corrections in the financial services sector, the authors believe an ongoing accumulation in wealth will double banking revenues and profits by 2016.
Banking outpaced the effusive energy sector in after tax profits in 2006 ($788B versus $617B).
My eyes are on the shift in the historical trend for global banking profits as a percentage of total corporate profits.
The 70s, 80s and early 90s drew the line at 6%, yet McKinsey's forecast sees a continuation of better times for banking, with a 9%+ share in global profits holding steady for the foreseeable future (insert).
