Five years have passed since the financial crisis erupted and there have been many reflections about whether we are in a better place or on a better trajectory. I believe we are. But we are in a different place, and on a different trajectory, than many banks anticipated a few years ago.

As the industry has evolved, the traditional view of the universal banking model has come under threat and it is less clear what the cross-border institutions of the future will look like. As banking becomes an increasingly national issue, countries now come first.