奥纬咨询OliverWyman2024日本大型银行未来展望报告英文版24页

WHAT’S NEXT FOR JAPANESE MEGABANKS?Dylan WalshJasper YipAngelina OgumaJulian AdlerVarun VishnubhatlaWhy read this paper?The Japanese banking industry is among the largest in the world, but equity investors do not value Japanese megabanks like global leaders in the industry. The valuation gap to global peers is 70% today. We believe this valuation gap will remain stubbornly wide unless the megabanks take action to address investor concerns.The old news is that the organizational and operational complexity of the domestic megabank model is a major concern for investors — this will take time to address and may never be fully resolved. What is new in our study is that investors see more immediate opportunities for the megabanks to close the valuation gap. Japanese banks have a generational opportunity to build a wealth management franchise that generates returns now common in other markets, delivering ~150% in price-to-book improvement. Investors also see significant untapped value in a pa