The deregulation and disintermediation process, the globalization of financial markets, the emergence of new competitors, and the introduction of new information technologies have brought about profound changes in the banking industry. Banks have lost market share and show decreasing economic performance. In the wake of this Professor Canals addresses several important questions: are universal banks bound to disappear? What is the role of universal banks in modern financial markets? What should banks' strategic reactions be to those changes in the industry?