Despite criticisms of their business model, some of the largest financial institutions in Japan are working to reinvent themselves and emerge as universal banks that can compete globally. "To play a significant role in world [financial markets] ... you need a fairly high level of universal banking [capabilities]. Without that, you wouldn't even be asked to participate in a deal," said Katsunori Nagayasu, president of Bank of Tokyo-Mitsubishi UFJ and head of the Japanese Bankers Association.

Related Summaries