The value of the world's banking institutions may have recovered somewhat of late, but it is unclear whether the industry is in the clear, according to a study.

The global banking industry's market capitalization fell 10.5% during the first quarter, compared with a 30% plunge during the last three months of last year, according to a Boston Consulting Group Inc. report released this month. While market caps were down to $3.6 trillion as of March 31 (from $4 trillion at yearend), global bank valuations actually rebounded 15% during March.

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