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Universal Banking: A Shareholder Value Perspective

Universal banks are multi-product firms in the financial services sector whose complexity is difficult to manage. Ingo Walter asks the question -- do they optimize invested capital? The author moves from book value to market value of equity by adjusting for value increases such as economies of scale and scope and better management (or decreases from conglomerate discount). He believes the potential value of shareholder equity can be released by management in universal banks following some simple rules, and offers concrete suggestions.