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The financial crisis has led to a striking reversal of fortune for corporate banks. The years leading up to the credit crunch were good ones for the sector, as strong economies created opportunities for growth while loan losses plummeted. Then the credit crunch began. By the middle of 2007, many corporate banks had become accustomed to a favorable environment characterized by steady, if unspectacular, revenue growth in their core businesses, high growth in sectors such as investment banking and leveraged finance, very low loan losses, and low funding costs.
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