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The European asset management industry is facing rocky times. Although assets under management (AUM) are at record levels, structural trends are putting pressure on long-term viability. At the same time, the industry is facing an uncertain macroeconomic environment and geopolitical tensions, leading to lower levels of net flows and higher market volatility. European asset managers have also lost ground to US players. In light of these developments, European asset managers…

The future is already here—it’s just not evenly distributed.William Gibson (Cyberpunk documentary, 1990) The dizzying speed at which AI technology is evolving makes it nearly impossible to keep up with the many new ways that it could transform how people work. Yet for most organizations, the gap between what’s possible and what’s implemented is steadily widening. A 2024 McKinsey Global Survey found that nine in ten employees used gen AI for…

The US shale industry has moved through two distinct eras of transformation, and it is now entering a third. After years of rapid growth and a sharp focus on cash, the industry’s boldest chapter may be unfolding, defined by unprecedented scale, geologic uncertainty, macro volatility, and accelerating innovation. Thriving in this new era will be all about leveraging scale: transforming operations and supply chains, elevating and integrating commercial strategies for…

Transformative technologies don’t come along very often, so when they do it pays to act quickly. When gen AI algorithms were launched in 2022, banks wasted little time exploring their potential in core commercial credit activities. But three years later, the results are mixed, with some institutions making good progress in putting the technology to work while others lag behind, a new study from McKinsey and the International Association of…

John Stankey has led AT&T as CEO since July 2020 and was elected chairman of the board in February this year. Over his 40-year tenure, John has held senior leadership roles across the breadth of AT&T’s businesses. These include turns as chief strategy officer and chief technology officer. In this episode of the Inside the Strategy Room podcast, John talks with McKinsey Senior Partner and North America Chair Eric Kutcher on…

As geopolitical tensions persist, global trade dynamics are becoming increasingly complex—and many leaders find themselves on tenterhooks. On this episode of The McKinsey Podcast, Cindy Levy and Shubham Singhal, two global coleaders of McKinsey’s geopolitics work, join Global Editorial Director Lucia Rahilly to discuss how to move forward amid rapidly reconfiguring trade relationships—regardless of the way current tariff talks play out.This conversation has been adapted from our McKinsey Live series. The…

The gap is widening between what is needed from an efficient, effective HR function and what most organizations currently offer. Enhancing employee experience is widely seen as a cornerstone duty of HR, but about 36 percent of employees across Europe and the United States are not satisfied with their current employer. And most HR departments are still far from making full use of the tools and practices available to them,…

Consider a scenario in which state government leaders have three generational transit projects they could invest in but enough capital to support only one. Each project carries distinct benefits as well as unique trade-offs. As they evaluate options, leaders struggle to balance the risks and rewards, given the many competing priorities across the state. Moreover, with each option having a high, irreversible capital cost, making a suboptimal decision is expensive.…

Stepping into the role of chief risk officer (CRO) comes with a lot of questions: Where to start, what to prioritize, and how to make an impact? The way new CROs approach these questions in their earliest months shapes their ability to achieve long-term success.To understand the mindsets, skills, and practices that work best for new CROs, McKinsey conducted in-depth interviews with more than 30 current and former CROs of…