Article at a glance:

How Europe’s banks can win in tougher times

• Europe's banks have delivered strong returns to shareholders over the past decade, but now face more challenging times.
• Consumers and shareholders have become more demanding, regulators potentially more restrictive, and opportunities to restructure increasingly elusive.
• Nevertheless, a new generation of leaders can shape their own destiny if they reposition strategies along three main dimensions: execution, product innovation, and regulatory management.
• Banks should prepare for harder times, but great opportunities lie ahead for those that build deeper relationships with their customers.