The ongoing world financial crisis, now in phase two mainly affecting the loan books of banks, is forcing financial institutions to reflect or modify their business models. A review of the last full credit cycle shows opportunities to identify the relevant drivers of value that are measured in terms of both return on equity and risk. On this basis we analyzed the balance sheets and P&L accounts of about 65 European banking groups over the last cycle (2000 to 1H 2008). Five drivers define the long-term success of a bank's business model: the dynamics of growth, the asset mix, the size, the cost-to-income ratio and the relative market share compared to the banks top three country peers. As we show in detail, based on these five drivers managers are able to define their management agenda inside a consistent empirical framework. The key to success in defining a strategy is to knowing one's relative position within the competitive risk-return arena.