Reinventing Corporate

and Investment Banks

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Reinventing Corporate
and Investment Banks

By Gwenhaël Le Boulay, Carsten Baumgärtner, Eriola Beetz, Tim Jennison, Amine

Benayad, Olivia Shipton, Martin Petit de Meurville, and François Orain

March 2020
AT A GLANCE

Corporate and investments banks (CIBs) can no longer delay the inevitable. With
competitive pressure growing and profitability eroding, small and midsize CIBs
must reinvent themselves to remain viable—an imperative made that much more
pressing by the business disruptions caused by the COVID-19 crisis.

Traditional Fixes Aren’t Enough Anymore

Classic optimization tools delivered much-needed revenue and cost improvements
during the lean years following the financial crisis. But these measures failed to
bring returns on regulatory capital up to acceptable and stable levels.

Most Winners Will Focus on Customers, Not Products

CIBs generally cannot afford to compete across a broad portfolio of products,
clients, and geographic areas. These institutions must overhaul their business and
operating models, carefully choosing where to invest and lead.

Achieving Transformational Returns Requires a Structured Approach

Reinvention is mandatory and achievable. Banks that take action in six critical
areas can dramatically improve their cost-to-income ratios and returns on equity,
creating a more prosperous and sustainable future.

2 Reinventing Corporate and Investment Banks

D espite a long economic expansion cycle, most corporate and investment
banks (CIBs) have not recovered from the aftermath of the 2007–2009 global
financial crisis. Tighter regulation, unfavorable interest rates, and stubbornly high
costs have left many banks grasping for ways to fund needed investments. At a time
when customers are looking for more innovative offerings, and with market stress-
ors likely to intensify, owing largely to the COVID-19 crisis, CIBs are at a critical
juncture. They can either continue with the status quo and wither, or they can
commit to reinventing how they operate.

We recommend the latter course, not simply because it is the surest way to survival.
CIBs that address systemic flaws in their current business and operational models
will do more than simply stanch the bleeding: they will revitalize their positions
within the broader industry. CIBs can increase top-line revenue by 5% to 10% and
productivity by 10% to 20%, once again becoming significant contributors to bank
growth, by taking three actions:
CIBs that address
•• Target high-value products, intellectual property, and customers systemic flaws in their
current business and
•• Convert to a customer-centric operating model operational models
will be revitalized.
•• Work within integrated, agile teams

This report is the second in an ongoing series designed to help senior banking leaders
prepare for the coming decade. A BCG 2019 report, The New Reality for Wholesale
Banks, examined the forces rocking the commercial, corporate, and investment bank-
ing market. Here, we focus on the CIB divisions hardest hit by the ongoing disruption,
so that executives can rechart their paths to sustainable and profitable growth.

With Survival at Stake, Tactical Optimization Approaches

Have Run Their Course
Buffeted by rising risk costs, deteriorating loan margins, and tough capital
requirements, CIBs face severe challenges. Although double-digit returns were
common for banks before the global recession from 2007 to 2009, only a few
institutions have achieved anything near those levels since. After-tax returns on
regulatory capital (RORC) remain around 10% for corporate and investment banks
globally—approximately 20% to 30% lower than their precrisis levels. The figure for
second- and third-tier institutions is likely even lower, since the global average is
inflated by the relatively strong performance of US banks.

Boston Consulting Group 3

Most CIBs have pursued numerous tactical, and sometimes structural, cost-cutting
and operational efficiency measures over the past decade to address these pres-
sures. (See the sidebar “CIB Optimization.”) Although these efforts were an appro-

CIB OPTIMIZATION
Traditional CIB optimization •• Cost-reduction programs to
measures rely on revenue improve productivity in the front
enhancement, cost reduction, and office (by adjusting client load and
risk-weighted asset (RWA) levers to segmentation, recombining sales
improve performance. These tactical and trading teams across various
and structural changes can be asset classes, and reducing non-
implemented fairly quickly, often client-facing administration time),
within 6 to 12 months. As quick fixes, in support functions (by imple-
they can give banks needed menting data system improve-
momentum, close critical ments, zero-based budgeting, and
performance gaps, and generate task automation), and in IT and
savings that can be used for more operations through app decommis-
transformative changes. (See the sioning, automation, and offshor-
exhibit.) ing and near-shoring. Although
optimization initiatives can yield
Generally, these optimization levers average savings of 15% and 25% in
can be grouped into three main the aggregate, these returns may
categories: not be enough in the long run to
help CIBs offset other pressures.
•• Revenue-enhancement programs
to increase market penetration by •• RWA reduction programs to
selling to new clients, increasing optimize the balance sheet by
sales to existing clients, and reducing exposure size, improving
selling to clients at higher prices. utilization, and increasing velocity.

Typical Savings from Optimizing the Cost Base

OPTIMIZATION LEVERS EXPECTED SAVINGS
• Productivity
Front office
• Reduce noncommercial FTEs
20%–30%

Nonpersonnel • Optimizing expenditures on nonstaff costs

costs and across the front and back offices 15%–20%

• ZBB approach to activities

• Offshoring and near-shoring
IT and
operations
• App decommissioning 10%–20%
• Process automation and simplification
• Reduce noncommercial FTEs

• Data system improvements

Support functions • Task automation
(risk, HR, finance) • ZBB approach to activities
10%–20%
• Reduce the noncommercial FTEs

Source: BCG analysis.

Note: FTE = full-time equivalent; ZBB = zero-based budgeting.

4 Reinventing Corporate and Investment Banks

priate response in the immediate postcrisis environment, the gains have proved to
be short-lived, with only the largest banks succeeding in scaling these measures into
sustainable performance improvements.

Traditional CIB optimization focuses on improving the existing organization as is

instead of making changes at the root level, which could help banks address system- To remain viable, CIBs
ic issues. The resulting surface-level fixes do not prepare banks to compete effec- must reinvent how
tively in the intense, rapidly changing environment they now face. Global power- they operate.
houses have been one exception. Their large balance sheets and reach have
buttressed them from some of the external market shocks and given them the abili-
ty to invest in longer-term transformational efforts and change their ways of work-
ing. Smaller tier two and tier three players have no such cushion. In an effort to
compete with large banks, they must spread their limited budgets over many differ-
ent products. Meeting their day-to-day requirements often leaves very little funding
for strategic investment. With CIBs thinly spread and subscale across products, sec-
tors, and regions, resorting to traditional optimization plays will result in their fall-
ing behind across the board.

Moreover, with hurdle rates sitting at approximately 15%, the stark reality is that
few tier two and tier three divisions can cover their costs of capital. If they are to re-
main viable, CIBs must reinvent how they operate.

A New, Customer-Centric Path to Growth

Too many regional CIBs are still attempting to be all things to all people and pre-
serve optionality, with the result that they are not serving anyone particularly well.
Prioritizing product and regional breadth instead of customer centricity makes
banking divisions vulnerable on a number of fronts.

The first is that the investment required to maintain a competitive standard on a

wide array of offerings—as diverse as equities and foreign exchange, international
account management and payments, and trade finance—is simply too great. In ad-
dition, saddling CIBs with a large infrastructure adds weight, slowing banks down
when they need to move faster and making them more susceptible to system
shocks.

The second reason is that competitive dynamics have shifted. Banks used to be the
primary gateway for customers. Digitization, however, has opened up the value
chain, allowing challengers to compete with niche services and utilities that loosen
banks’ hold on the overall customer relationship.

For example, new players are targeting areas that investment banks once dominat-
ed, and they are doing so in two ways: by developing specialized technology to help
participants in bond and equities markets improve workflow and liquidity manage-
ment, and by providing integrated data aggregation, pretrade information analysis,
and execution facilitation. Banks that continue to center their approach to market
on products will find themselves fighting on too many fronts over too many regions.
Moreover, attempting to compete across an extensive catalog will invariably mean
starving the products and initiatives with which CIBs have the most credible chance

Boston Consulting Group 5

to differentiate and lead, thus eroding the scale they need to remain viable and leav-
ing them without the bench strength and brand awareness to succeed in any one.

The third, and perhaps most important, reason is that customer expectations have
changed. Given that the service provider ecosystem is becoming more crowded, and
treasurers and finance teams are managing a wider set of responsibilities, CIB cus-
tomers are looking for their banking partners to act as trusted advisors who can
provide tailored advice, reduce complexity, and smooth execution. They want part-
ners that excel not only in their area of expertise but also in service. CIBs have a
unique advantage relative to financial-technology companies and other emerging
attackers in the form of longstanding customer relationships.

To address these factors, CIBs must fundamentally change the way they operate.
They need to take a hard look at traditional value drivers and revise their business
models accordingly. To win in the decade ahead, CIBs must become client centric,
efficient, and agile, focusing on a select number of high-value areas and applying
digital practices and integrated processes to work smarter and leaner. BCG research
has found that clients continue to trust banks more than other third parties. CIBs
should press that advantage by reinventing how they structure their organizations
to deliver consistent, customer-centric service in every interaction. These changes
will allow banks to serve as a solutions gateway and establish a critical beachhead
for growth in the years ahead. Regional CIBs that commit to making such changes
could achieve a cost-to-income ratio of 40% and a return on equity above 15%.
These gains will far outweigh what they could achieve through traditional optimiza-
tion methods and deliver the improvements needed to stay viable.

Specifically, we believe the CIBs need to shift from outdated ways of working to-
ward ones that can help them respond more efficiently and strategically to custom-
er and market opportunities. (See Exhibit 1.)

Exhibit 1 | The CIB Reinvention Journey

TOPIC MOVING AWAY FROM… MOVING TOWARD…

Client-centric A product-driven approach and An experience approach with client-centric
solutions independent interfaces solutions

End-to-end Optimizing journeys from the front office to the

Focusing solely on origination
integration back office

Digitally enhanced Mainly manual operations and Automated, lean, data-driven processes tailored
interactions intuition-based decision making to client preferences

Active A “buy and hold” approach to An active originate-to-distribute focus, boosting

management balance sheet management revenues and optimizing the capital structure

Ecosystem Analog and proprietary products Digital channels and platforms that include
expansion and channels third-party capabilities

Agile A fragmented and slow-to-execute A rapid go-to-market mentality with

teaming organizational change agenda multidisciplinary teams

Source: BCG analysis.

6 Reinventing Corporate and Investment Banks

Six Ways for Struggling CIBs to Improve Performance
CIBs that focus on the needs of their high-value customer segments; back areas in
which to lead that are aligned with the core strengths of the bank at the group lev-
el; and build an integrated and nimble structure can dramatically improve the per-
formance of their top and bottom lines, creating a more prosperous and sustainable
future. By taking a structured
approach to reinven-
By taking a structured approach to reinvention, guided by the following six actions, tion, banks can
banks can not only reduce the risk of transformation but also achieve transforma- achieve transforma-
tional returns. tional returns.

Refocus the portfolio and footprint. CIBs that stubbornly insist on maintaining a
broad portfolio must let go of the old notion that doing so will protect and deepen
client relationships, in particular when it comes at the expense of sacrificing
leadership in areas and businesses in which they have a right to win. The most
successful CIBs will refocus their businesses in three ways:

•• Simplify their customer base. Banks need to take a detailed look at the
current and projected profitability of their existing customer base. They need to
identify segments that have the strongest growth potential and flag low-value
accounts that are not delivering the expected returns and are receiving a higher
level of service than needed.

•• Prune noncore product offerings. A detailed business and market analysis can
help CIB leaders identify underperforming or long-tail products that the bank is
unable to turn around because of deficits in reach, expertise, or resources. Trend
data can highlight emerging opportunities as well as those areas in which
customer appetite may be waning. Exiting products with weaker prospects can
allow a bank to direct resources into areas where it has strong, strategic opportu-
nities. For example, a CIB that decides to focus exclusively on corporate clients
might keep its credit trading desk, given the importance of debt capital markets
for corporate clients, but trim back some money markets and fund administra-
tion, since these products are noncore for corporate clients.

•• Realign and consolidate operating and coverage models. With scale critical
to long-term viability, tier two and tier three players need to examine their
operating footprints to see where they can consolidate to optimize their reach
and resources.

Refocusing can involve painful shifts that challenge longstanding business and cul-
tural norms. Leaders can be reluctant to make changes that might result in a short-
term hit to revenues; and product owners, sellers, and others may resist relinquish-
ing client ownership and change segmentation and coverage practices. CIBs need to
address such concerns with a thoughtful business and change management pro-
gram. Quantitative analysis can help build support. For instance, we find that when
business leaders see the cumulative investment required to maintain underper-
forming products and the downstream implications of underinvesting in high-
growth areas, they are more likely to support jettisoning lower-value offerings and
client relationships. Establishing an independent unit dedicated to off-boarding cli-

Boston Consulting Group 7

 ents and winding down products can also help to expedite change and manage the
inevitable tradeoffs. Incentive structures, too, need to be reviewed to ensure that
they encourage desired behaviors.

Put the client at the center of the model. In an industry where the client-bank
relationship is a core driver of success, the accelerated pace of technological change
is forcing CIBs to rethink the way they enforce greater alignment between their
operating models and customer expectations and needs. For many CIBs, a lack of
effective coordination between product and sales and across the delivery and
service functions has created a disjointed experience for customers and diminished
growth opportunities for banks. With 40% of treasurers ranking quality of service as
their most important bank selection criterion, the quality of the customer experi-
ence is becoming a make-or-break factor in bank profitability. To succeed in a more
demanding environment, CIBs need to reorganize in two ways:

•• Align the product and sales functions. In most CIBs, product and sales teams
work at arm’s length from each other, an arrangement that results in the
duplication of activities and a lack of clarity about who owns the overall client
relationship. To get around these issues, CIBs need to reinvent the sales and
distribution model—moving from product- and sector-led teams to a combined
sales organization with sectors centered on client needs. Banks can better align
coverage and sales by collocating sales and relationship managers, either in the
office or through virtual teams. (See Exhibit 2.) Embedding these two functions
together can reduce the silo-based thinking that has typically predominated and
allow banks to put customer needs first, with tailored recommendations that
look across the product portfolio. Delivery factories, designed to support a
specific set of products (for example, a flow factory focused on transaction
banking and day-to-day management, or an advisory factory dedicated to
providing specific client solutions) can help banks use their financial and human
resources in a more focused way, speeding innovation and execution. In addi-
tion, banks should create a dedicated distribution capability much the way they

Exhibit 2 | Reinvent the Sales and Distribution Models Around Value Drivers
PRODUCT-LED AND SECTOR-LED WITH COMBINED RETHINKING
FULLY SILOED PRODUCT SALES SALES FUNCTION THE ECOSYSTEM GOALS

Sectorial Sectorial Product Sectorial Product • Steer resources and

Product silos coverage Product silos origination execution origination industrialization services to the right
clients

• Increase returns through

cross-buying and
Flow Advisory strengthening the
factory factory originate-to-distribute
model

• Clarify and simplify

Traditional, fully siloed Coverage teams Origination with deal Sectorial coverage focused through an agile model
model where coverage independent of product accountability while on client needs with that reduces complexity
and sales, together with business lines; yet clients execution happens in industrialization in and duplication while
execution, sit within the end up with multiple product verticals, without factories (for example, improving the client
product business lines sales interfaces synergies transaction banking and experience
loan management)

Coverage Sales Execution

Source: BCG analysis.

8 Reinventing Corporate and Investment Banks

 do with the origination side of the business. Devoting specific resources to
distribution would improve balance sheet velocity and returns.

•• Redesign processes on the basis of customer journeys. Too many banks have
outmoded processes that require significant manual input and operational
handoffs. Some banks have turned to automation as a cost-saving effort, but that
often adds cost and complexity. To generate the performance benefits they need,
banks should step back from focusing on individual processes and look at the
end-to-end customer journey instead. By taking this view, CIBs can examine the
entire sequence of actions needed to complete a given activity and then see
where advanced technologies and automation could have the greatest impact.
We recommend that banks focus on a small subset of journeys to start. On the
delivery side, we recommend that banks create dedicated vertical teams to
design and optimize customer propositions and horizontal teams that deliver
either shared functionality (such as SWIFT payments) or shared expertise (such
as pricing). The services unit should be restructured to execute customer
solutions using automated and lean delivery, with shared utilities that serve
multiple customer journeys. These shifts do not require adding more people.
Instead, journey alignment allows banks to bring the right people together
across the IT, product, operations, risk, and front-office functions. (See Exhibit 3.)

Explore partnership opportunities. Regional CIBs face growing competition and

commoditization by digital entrants. Because digital natives generally have lighter
infrastructures and a lower cost basis, they can sell their offerings at attractive price
points. Rather than attempting to beat digital natives at their own game, regional
CIBs can opt to create partner ecosystems to fill critical capability and service gaps

Exhibit 3 | What Redesigned Delivery and Service Functions Look Like

DIGITAL CHANNELS
Host-to-host
Proprietary digital portals Third-party platforms
(ERP, TMS)

Integrated Interact

DELIVERY: CUSTOMER JOURNEYS ORGANIZED THROUGH TRIBES AND CHAPTERS

On-board Manage Finance my Manage Advise me • Delivery resources are allocated across vertical
me my cash business my risk on M&A propositions and transversal customer experience
squads according to needs
• Align delivery around customer journeys; improve
solutions that add value by optimizing the end-to-end
customer experience
• Transversal squads deliver shared expertise, consistency
(such as client segmentation), and functionality
Originate to distribute

SERVICE: SOLUTION SERVICING OF SELECT CUSTOMER JOURNEYS

• Service and delivery functions align closely (mirrored
Cash Risk
On-boarding Financing M&A structure) and share goals
management management
execution execution execution • Service function executes operational activities and
execution execution provides utilities (for example, “Update my account”)

Source: BCG analysis.

Note: ERP = enterprise resource planning; TMS = treasury management system.

Boston Consulting Group 9

in their portfolios. Strategic partnerships could also help CIBs lower their cost
structure. Examples include:

•• Outsourcing some or all of a bank’s IT and operations to ecosystem players, such as

security services firms, to channel resources toward activities that add more value.

•• Creating a shared-services model with other regional CIBs to pool IT and

staffing. These partnerships can include financial players as well as IT leaders
(such as Microsoft) and platform players (such as SWIFT).

•• Forging strategic partnerships with proprietary or principal trading firms (PTFs)

to combat market share loss in high-frequency trading. (See the sidebar “Team-
ing Up with PTFs.”)

Work in multidisciplinary, egalitarian teams. In order to provide holistic solutions,

regional CIBs need to move away from the status quo, where value generation
opportunities are concentrated in a few specific roles—star sellers and traders, or
top M&A deal originators, for example—and toward multidisciplinary teams staffed
with a wide variety of skills, knowledge, and backgrounds (for example, relationship
managers, data scientists, IT developers, and operations experts). Greater collabora-
tion can help banks deliver tailored client solutions faster and more efficiently.

TEAMING UP WITH PTFS

CIBs have been losing ground to forms. Some cover risk only. Others
proprietary or principal trading firms encompass the more difficult task of
(PTFs) that specialize in algorithmic building client relationships as well as
and high-frequency trading. These operations and services. In 2016,
entities have been able to gain share JPMorgan Chase partnered with Virtu
rapidly in market-making and Financial to increase the efficiency of
execution services, particularly across its US treasuries trading in the
highly electronified asset classes. high-frequency interdealer market.
PTFs tend to be more flexible than Their arrangement took advantage of
CIBs. They can expand into new JPMorgan’s strong client relationships
regions, asset classes, and services and Virtu’s best-in-class trading
quickly, and they face fewer regulatory software. Similarly, in 2017, BNP
and capital requirements (because Paribas partnered with electronic
trades are hedged immediately). market maker GTS for US treasury
Where banks have struggled to trading, promising its clients im-
manage costs, PTFs have used their proved pricing, tighter spreads, and
superior technological capabilities to greater liquidity. Since the collabora-
deliver better service more cheaply. tion, BNP Paribas’s market share in
this space has grown from 1.5% to
Rather than compete with PTFs, 4.0%; and, in 2018, the French lender
some CIBs are choosing to form announced that it was extending the
strategic partnerships with them. partnership to include US equities.
These partnerships can take different

10 Reinventing Corporate and Investment Banks

In BCG’s experience, banks that use agile methods and collaborative teaming can
generate significant impact and unlock value, especially in their technology invest-
ments. For example, by applying agile methods to IT and software projects, thus de-
livering the right features and capabilities, one bank sped delivery by 30% to 50%
and boosted production by 10% to 20%.
CIBs must make
Prototypes and pilots are helpful ways for banks to begin developing their agile smarter and more
blueprint. Showing proof of concept in select high-value areas serves to overcome strategic use of data.
resistance to change and builds support, creating excitement in the organization
and converting skeptics into promoters.

Embrace digital and data. CIBs need to decide whether to transform their core
banking systems as an IT hedge strategy or to create a standalone challenger
business as a revenue play. Both approaches have tradeoffs.

While the creation of a completely new bank is appealing, since it allows CIBs to
take advantage of the latest technology and avoid legacy issues, building a new
bank is a massively complex undertaking that can take years to scale. On the other
hand, CIBs know all too well that a traditional IT transformation can also take
years, and the results may still lag customer and user expectations. Determining
which of the two models to pursue requires assessing a bank’s overall business
strategy, market position, risk tolerance, and current resources and capabilities.

Both models require CIBs to make smarter and more strategic use of data. That
starts with capturing, standardizing, and storing relevant data in a single, easily
accessible source, such as the cloud. Education is also key. Front-office and back-
office personnel must be trained to use data-driven insights in their work. Small
training teams, led by data scientists who specialize in drawing insights from data,
can help. These teams can train relationship managers and others in the use of
analytics to originate new business, increase client satisfaction, and boost
productivity.

Prioritize sustainability. Employees expect companies to do more to help address

societal and environmental challenges as part of a bank’s value proposition. Young-
er workers, especially, tend to look for employers that prioritize climate change
issues. CIB customers, many of whom are taking steps to improve their own compa-
ny’s sustainability credentials, also want their banking partners to show similar
commitment, and many investors now routinely consider environmental, social,
and governance (ESG) factors in their decision-making processes. Regulators and
governments are also inching ever closer to mandating minimum-sustainability
guidelines for the banking sector.

BCG estimates that sustainability-led businesses will contribute roughly $200 billion
of the nearly $700 billion in the global wholesale banking revenue pool from 2019
to 2025. The key challenge for many CIBs, however, is figuring out how to build an
effective sustainability strategy to capture this opportunity. Some growth will occur
organically through the lending portfolio. To spur the vast remainder, however,
banks will have to develop sustainability-led value propositions that go well beyond
the limited ESG investing and green-bond-style products seen today.

Boston Consulting Group 11

The World Wildlife Fund in Australia, for instance, launched a global blockchain
platform that lets suppliers and stakeholders track goods, such as sustainable fish,
along the supply chain. Some banks have started creating their own variants to
demonstrate ESG practices in action. For example, HSBC created a supply chain fi-
nance program with Walmart that pegs a supplier’s financing rate to their sustain-
ability standards.

Looking ahead, CIBs could explore more innovative sustainability propositions that
take advantage of digital platforms and advanced analytics. Examples include trans-
actional analytics that optimize supply chain carbon emissions, corporate card solu-
tions that reward sustainable expenditures, and digital ecosystems that certify and
connect sustainable buyers and suppliers.

C oming to grips with the changes convulsing the banking sector around the
world requires nothing short of reinvention. While that may seem a fearsome
prospect, our experience shows that for banks that are willing to commit, the re-
turns can more than make up for the short-term discomfort involved. By following
the approach outlined here, banking leaders can begin their transformation jour-
neys confident that they have the guideposts they need to succeed.

12 Reinventing Corporate and Investment Banks

About the Authors
Gwenhaël Le Boulay is a managing director and senior partner in the Paris office of Boston Con-
sulting Group. He leads the firm’s work in wholesale banking in BCG’s Financial Institutions prac-
tice. You may reach him by email at [email protected].

Carsten Baumgärtner is a managing director and senior partner in the firm’s Munich office. You
may reach him by email at [email protected].

Eriola Beetz is a managing director and partner in BCG’s London office. You may reach her by
email at [email protected].

Tim Jennison is a managing director and partner in the firm’s Frankfurt office. You may reach him
by email at [email protected].

Amine Benayad is a partner in BCG’s Paris office. You may reach him by email at
[email protected].

Olivia Shipton is a project leader in the firm’s London office. You may reach her by email at
[email protected].

Martin Petit de Meurville is a lead knowledge analyst in BCG’s London office. He is an expert in
wholesale banking. You may reach him by email at [email protected].

François Orain is a senior knowledge expert in the firm’s London office. He focuses on wholesale
banking. You may reach him by email at [email protected].

Acknowledgments
The authors thank Philip Crawford for project management and Marie Glenn for writing assistance.
In addition, they are grateful to Katherine Andrews, Lilith Fondulas, Kim Friedman, Abby Garland,
Frank Müller-Pierstorff, and Shannon Nardi for editorial and production support.

For Further Contact

If you would like to discuss this report, please contact one of the authors.

Boston Consulting Group 13

For information or permission to reprint, please contact BCG at [email protected].

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