The McKinsey Global CIB 50 is a snapshot of global corporate and investment banks. Up until this year such a ranking had not been possible. However, with greater public disclosure and improved reporting by global banks, we can now put together a robust list. We recognize that these corporate and investment banks have very different business mixes, so the list isn't a substitute for detailed benchmarking. We also accept that operating profit may not be the best measure of profitability. That said, we still believe that this ranking is an interesting and useful reference for senior executives.

With the growing convergence in corporate and investment banking, almost all these players compete with one another in some form. Taking a broad view of the industry may help financial institutions develop more effective strategies.

We plan to publish this list annually and expect that over time it will provide insights into the changing competitive landscape. Even with this two-year view, some interesting trends (or nontrends) emerge. For instance, there is no evidence that the larger corporate and investment banks are growing faster or have better margins than smaller firms (exhibit). Some industry leaders argue that there will be significant advantages to global...