1、M BluePaperOliver Wyman is a global leader in management consulting.For more information,visit .Oliver Wyman is not authorized or regulated by the PRA or the FCA and is not providing investment advice.Oliver Wyman authors are not research analysts and are neither FCAnor FINRA registered.Oliver Wyman

2、 authors have only contributed their expertise on business strategy within the report.Oliver Wymans views are clearly delineated.The securities and valuation sections of this report are the work of Morgan Stanley only and not Oliver Wyman.For disclosures specifically pertaining to Oliver Wyman,pleas

3、e see the Disclosure Section located at the end of this report.Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Resear

4、ch.Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.For analyst certification and other important disclosures,refer to the Disclosure Section,located at the end of this report.+=Analysts employed by non-U.S.affiliates are not registered wi

5、th FINRA,may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company,public appearances and trading securities held by a research analyst account.Global Banks&Asset ManagersExtending Credit:The Evolving Role of Wholesale Banks in

6、Credit MarketsA generational shift is underway in global credit markets;this will squeeze the traditional sources of value in the business,but at the same time expand the universe of opportunities for banks that can adapt their model to the new landscape.M BluePaper2AuthorsMORGAN STANLEYOLIVER WYMAN