listening to consultants does not mean following their advice...
In late 2022, McKinsey consultants gave a presentation to Houston's most prominent local bank. In it, they suggested the bank could find a lucrative business niche, like so-called specialty regional banks that it spotlighted in slides — including SVB, First Republic and Signature. Months later, those three banks collapsed, largely due to over-concentrated deposits. Amegy Bank CEO Steve Stephens took a different tack as his bank and parent group, Zions Bancorporation, navigated through the US regional banking turmoil. Read the full story on Bloomberg News here (no paywall) ⬇ With thanks to Sridhar Natarajan and Sally Bakewell