This is a revision of the business of global banking. With the increased globalization of the world economy few sectors are the equal of banking and financial services in dynamism or structural change. Roy C. Smith and Ingo Walter assess this transformation-its causes, its course and itsconsequences. They begon by examining international commercial banking, including the issue of cross-border risk evaluation and exposure management, and the creation of a viable regulatory framework in a global competitive context. hey then undertake a parallel assessment of international investmentbanking, linking the two by means of a bridge chapter. Finally, they focus on the factors that determine winners and losers in these markets and explore the problems of strategic position and execution.