Nearly a decade after the global financial crisis, the capital markets and investment banking (CMIB) industry remains under pressure amid weak profits, high costs and lingering strategic uncertainty. The industry's restructuring efforts to date have failed to produce sustainable performance. A more fundamental change is required, based on the realization that for most banks, the traditional model of global capital markets and investment banking is no longer an option. McKinsey sees a new market structure emerging for CMIB over the next three to five years.