Strengthened by recent profits, global banks enter a new phase defined by falling rates, political volatility, and the disruptive promise of AI. Banks’ most basic job is to be a safe haven in a turbulent world. That turbulence is increasing. Even so, the industry enters this uncertain period from a position of relative strength, buoyed by recent profits and a growing belief that artificial intelligence could unlock the next wave of efficiency and growth. Yet, this strong foundation now faces