Banks have travelled a hard road since the global financial crash of 2008. They have had to weave their way through the wreckage of bad debt, volatile funding markets and an uncertain economic environment. Now, tough new rules under Basel III and a host of local regulations will require banks to significantly increase capital and adhere to stringent new liquidity and funding mandates. Meeting the new standards will put a big dent in banks return on equity and make it much harder for them to exceed their cost of capital. As banks begin to come to grips with these new realities, many have been using an incomplete map to guide their business. The pursuit of revenue and earnings growth with