McKinsey & Co. report: Anchor banks capture 73% of corporate wallet share

A study by McKinsey & Co. reveals that corporations consolidate approximately 73% of their banking wallet share with “anchor banks” or house banks. These primary institutions manage critical activities such as global liquidity, foreign exchange, and M&A financial operations.

In contrast, other financial service providers are often relegated to “operational utility roles,” handling tasks like in-country cash management, payroll, and revolving credit facilities. The report, titled “Anchor or drift: What it takes to capture wallet share in 2026,” notes that corporations are increasingly rationalizing their banking ecosystems to prioritize operational efficiency over complex multibank systems.

The study also highlights trends among other financial actors: institutional investors consolidate 60% of their wallet allocations with anchor banks, while financial sponsors consolidate 55%. McKinsey warns that these relationships are not guaranteed, noting that institutional investors move 17% of their wallet share per cycle, and financial sponsors can move up to 25% annually due to performance, strategic rebalancing, or event-driven rotation.