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第1页共19页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第1页共19页USbankswillneedtolookbeyondmergersforgrowth.Betterearningswillhavetobewonfromimprovedvaluepropositionsandproductivity.KEVINP.COYNE,LENNYT.MENDONCA,ANDGREGORYWILSONTheMcKinseyQuarterly,2004Number1Theprimaryrationalebehindthewaveofmergersinthe1990s梩oachievesubstantialeconomiesofscalebyexploitingtechnologyandderegulation梚snaturallyweakening.Formostlargebanks,furtherexpansionwon抰necessarilyyielddramaticscale-basedsavingsinsystemsandproduct-developmentcosts.Soalthoughmergerswillcontinuetotakeplace,opportunitiestocreatesubstantialvaluehavediminishedandrelativelyfewerdealswillpackthepunchofthe1990s.Executivesoflargebanksmustlookfornewwaystoincreaseearnings.Untilrecently,thesolutionwasfallinginterestrates,whichfueledunprecedentedprofitsfrommortgagesandcreditcards.1Butwith第2页共19页第1页共19页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第2页共19页ratesbeginningtorise,bankswillhavetolookelsewhere.Morecompellingvaluepropositionsarerequiredifbanksaretocompetewiththenonbanksandspecialiststhathaveflourishedinmanymarkets.Likethebestretailers,banksmustdifferentiatethemselvesbyunderstandingtheneedsoftheircustomersandgivingthosecustomersadistinctiveexperience.Banksshouldalsoboosttheirperformancetheold-fashionedway,byimprovingproductivity梥omethingthatwillbecomevitalastheirpaymentsbusinesses,representingasubstantialshareofindustryprofitsandoperatingexpenses,shrinkwiththefallinguseofchecks.Tosucceedinthesetasks,banksmustinnovateintheirformats,theircustomertargeting,theirapproachtolendingandassetmanagement,theiroperations,andtheiruseofelectronicpayments.Thisagendaischallenging,anditcallsforskillsbeyondthose梥uchasidentifyingandvaluingacquisitiontargetsanddrivingintegration梩hatservedexecutivessowellintherecentpast.Significantchangeslieaheadformanagersworkingtowardanewsetofperformancepriorities.THEOLDGAMEWINDSDOWN第3页共19页第2页共19页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第3页共19页Althoughthebankingindustry抯structureandregulatoryframeworkwillpermitmoremergersinthefuture,thereducedpotentialforsynergiesmeansthatCEOswhomakedealstheirprimarystrategicfocuscouldbedisappointedbytheresults.Someobviouspairingswillrealizeworthwhilecostsavings,especiallyamongsecond-andthird-tierbanks,butformostlargeinstitutionstheopportunitiesforconsolidationarenotwhattheywereafewyearsago.Duringthe1990s,theeconomicrationaleformergerswasindisputable.Enormousefficiencygapsbetweentheacquirerandtheacquiredoftencreatedcostandrevenuesynergiesrangingfrom30to100percentofaseller抯netincome.2Newtechnologymademanyoftheseefficiencygainspossiblebyfacilitatingtheconsolidationofbranches.Inaddition,theRiegle朜ealActof1994,whichallowedbankholdingcompaniestoacquirebanksinanystate,openedthedoortopairings梥uchasthosebetweenBankofAmericaandNationsBank,andNorwestandWellsFargo梩hatpreviouslywouldhavebeendifficultorimpossible.Sosuccessfulwasthiswaveofmergersthattheindustryprogressedtowardanaturalendgameinwhichahandfulof第4页共19页第3页共19页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第4页共19页nationwidebanksbegantoemerge.Althoughcurbedbyaregulationlimitinganindividualbank抯shareofUSdepositsto10percentofthetotal(which,withantitrustsafeguards,ensuredthatthousandsofcommunitybankscontinuedtothrive),theto...