Wall Street banks need fundamental business model shift, McKinsey says

McKinsey & Co on Wednesday released an annual report about banks, saying Wall Street firms continue to suffer from weak profits, high costs and strategic uncertainty. The top 10 global banks in particular are struggling to adapt to the post-financial crisis environment, as they grapple with high operating costs, low interest rates and the key fixed income trading business under revenue pressure. Capital market and investment banking revenues have declined for the top 10 banks since 2012 by 1