Summary of Global Finance Resets

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Global finance changed markedly between 2008 and 2017: Under pressure from regulators, banks retrenched, and much of the pullback was from foreign markets. According to industry experts Susan Lund and Philipp Härle, the financial system consequently grew more coherent and robust. Yet a high degree of interconnectedness remains, which argues for watchfulness about the next potential risk – digital finance. getAbstract recommends this sharply focused and informative analysis to policy experts, executives and informed readers.

About the Authors

Susan Lund is a partner and Philipp Härle is a senior partner at McKinsey & Company.



The global financial arena has changed for the better since the 2008 financial crisis, in that banks have adopted a more risk-aware posture. But in the precrisis era, financial institutions – particularly American, European and British banks – aggressively pursued international expansion. Those efforts entailed building retail and commercial banking businesses in overseas locations and accumulating foreign assets, such as commercial properties and securitized instruments, all while relying on funding in the short-term interbank markets. 

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