麦肯锡：2026欧洲私人银行业研究报告：构建业务盈利韧性（英文版）（20页）.pdf

1、Financial Services Practice Building profit resilience in European private bankingJune 2026This report is a collaborative effort by Felix Wenger,Jan Quensel,and Nunzio Digiacomo,with Ankit Khandelwal,Marlitt Urnauer,and Philipp Zieschang,representing views from McKinseys Financial Services Practice.

2、Europes private banks have performed well over the past three years,but a number of trends point to challenging times ahead.As margins erode,AI reshapes the value chain,and Europe loses share in global wealth creation,the tried-and-true playbook is losing relevance.To sustain momentum and achieve su

3、stainably higher profitability,banks can move beyond incremental improvements and embrace fundamental change.What is needed is not optimization,but a reimagining of commercial strategy.Furthermore,the industry has more than doubled in size over 20 years,yet cost-to-income ratios have barely budged.P

4、rivate banks therefore also need a breakthrough to achieve true scalability.In this report,we outline the critical CEO-level levers required to navigate the challenges and capture a potential profitability opportunity that is 25 to 35 percent higher than current levels.1 I.An illusion of strength?St

5、rong recent performance has positioned Europes private banks at a critical juncture.Judging by their own budgets and plans,banks have high expectations for the coming years.Capital markets also foresee a bright future:11 percent annual earnings growth for listed European wealth managers until 2028,2

6、 driving substantial return-on-equity expansion.In our view,these expectations overlook the fact that the operating landscape is growing more challenging,and that many banks will struggle to maintain momentum.Propelled by the rebound of global equity markets following the bear market of 2022,as well