The Investment bank industry is considered to be an essential element of not only the financial system but also the whole economy. Understanding multiple business models employed by multi-services industry such Investment bank is a matter of great significance for Investment banks’ executives, regulators and analysts. In 2008 the business model that had been employed by investment banks for almost two decades vanished due to the global financial crisis. Investment banks were forced to change and innovate their traditional business models. This research intends to develop a conceptual framework which helps to realize and study investment banks’ business models with the core components and related activities. Multiple business models mapping for investment banks is developed to give seniors executives core and possible activities and alternatives to innovate and change various business models for different lines including asset management, brokerage, investment banking and custody services. In addition, the business model (innovation) drivers are investigated to empirically explore the most powerful drivers on investment banks’ multiple business models (innovation), potential changes and degree of alteration on its activities for each business line. For these aims, a systematic literature review was carried to synthesise the recent advancements in the business model literature and explore how firms approach business model innovation. As result, a conceptual framework for business model (innovation) was developed, which encompasses four components value proposition, operational value, human capital and financial value. This framework can be utilized by practitioners as a 'navigation map' to determine where and how to change their business models. By using the qualitative methodology through semi-structured interviews with 29 senior executives from 10 fully-licensed investment banks in Saudi Arabia and secondary data including financial statements, annual reports and pillar III disclosures, the empirical study mapped the investment banks’ multiple business models and identified a business model for each business line. Sixteen activities for each business line were determined to provide core and possible activities and alternatives. This research contributes to our understating of managing and innovating multiple business models in the industry when investment banks should run these multiple business models. The Investment banks’ business models are different in terms of business lines, core offerings, clients, key assets, key process, revenue streams and costs structure. Over and above, each line shows diverse business models applied by investment banks. Furthermore, unlike other studies, this research contributed by investigating drivers that force investment banks to change their existing business models, the degree of changes and which activities did investment banks consider when responding to particular drivers. This study found that clients, crisis and economic changes, rivalry, top management and regulations are the five drivers forcing investment banks to not only embark on change events, but also carry out business model changes in most investment banks’ business lines.

As atividades econômicas e industriais têm crescido de forma significativa, o que por sua vez, traz consequências ao meio ambiente, como a emissão de gases do efeito estufa que agravam o aquecimento global e a utilização desenfreada dos recursos naturais. Nesse cenário, o debate sobre o desenvolvimento sustentável tornou-se parte do cotidiano das organizações governamentais, públicas e privadas. Consequentemente, frente medidas paliativas e insuficientes por parte das organizações, surge a necessidade de implementação de modelos de negócios sustentáveis, que possibilitariam mudanças necessárias para alcance do desenvolvimento sustentável. Tendo isso em vista, o objetivo do presente estudo consistiu em identificar quais os fatores que interferem no processo de implementação de um modelo de negócio sustentável, perpassando pelas dificuldades, mecanismos de sucesso e impactos para a competitividade. Para tal, foi realizada uma pesquisa qualitativa exploratória por meio de um levantamento de dados, sendo utilizado neste caso a estratégia survey, com questionário auto administrado. Os resultados foram divididos entre as barreiras aos modelos de negócios, os mecanismos de sucesso e os impactos do modelo de negócio sustentável para a competitividade. No seu primeiro aspecto, as conclusões trazem resultados relacionados a falta de conhecimento dos profissionais de gestão, assim como a falta de comprometimento da alta gestão, falta de infraestrutura, altos custos de implementação entre outros. No segundo aspecto apresentou resultados correlatos com as características essenciais dos líderes para a implementação de modelo de negócio sustentável, mudança da cultura organizacional por meio da institucionalização da sustentabilidade, estabelecimento de compliance, iniciativa da liderança da organização entre outras. Por fim, os impactos estão vinculados com a melhoria da imagem da organização, assim como valorização das ações no mercado de capitais e aumento da avaliação de rating. Há também impactos na estrutura de custos e fontes de receita da companhia, já que processos mais limpos implicam em custo de investimento mais alto. Tais resultados foram contrapostos com a literatura encontrada para a estruturação do presente trabalho, propondo também novos estudos futuros. / The economic and industrial activities have grown significantly, which has consequences for the environment, such as the emission of greenhouse gases that exacerbate global warming and rampant use of natural resources. In this scenario, the debate on sustainable development has become part of the everyday life in public and private governmental organizations. Consequently, facing palliative measures and insufficient by organizations, the need to implement sustainable business models rises, models that make possible critical changes to achieve sustainable development. With this in view, the aim of this study was to identify the factors that interfere in the implementation of a sustainable business model process, studying the difficulties, successful mechanisms and impacts on competitiveness. To this end, an exploratory qualitative research through a data survey was performed, being used in this case the survey strategy, with a self-administered questionnaire. The results were divided among the barriers to business models, successful mechanisms and impacts of sustainable business model for competitiveness. In its first aspect, the findings results are related to the lack of knowledge of management professionals, as well as a lack of senior management commitment, lack of infrastructure, high implementation costs, among others. In the second aspect presented, the results are related to the essential characteristics of leaders to implement sustainable business model, organizational culture change through the institutionalization of sustainability, compliance of establishment, organization\'s leadership initiative among others. Finally, the impacts are linked to improving the organization\'s image as well as appreciation of the shares in the capital and increased the rating assessment market. There are also impacts on the cost structure and sources of the company\'s revenue, since cleaner processes imply in higher cost of investment. These results were contrasted with the literature found for the structuring of this work, proposing also new future studies.

As atividades econômicas e industriais têm crescido de forma significativa, o que por sua vez, traz consequências ao meio ambiente, como a emissão de gases do efeito estufa que agravam o aquecimento global e a utilização desenfreada dos recursos naturais. Nesse cenário, o debate sobre o desenvolvimento sustentável tornou-se parte do cotidiano das organizações governamentais, públicas e privadas. Consequentemente, frente medidas paliativas e insuficientes por parte das organizações, surge a necessidade de implementação de modelos de negócios sustentáveis, que possibilitariam mudanças necessárias para alcance do desenvolvimento sustentável. Tendo isso em vista, o objetivo do presente estudo consistiu em identificar quais os fatores que interferem no processo de implementação de um modelo de negócio sustentável, perpassando pelas dificuldades, mecanismos de sucesso e impactos para a competitividade. Para tal, foi realizada uma pesquisa qualitativa exploratória por meio de um levantamento de dados, sendo utilizado neste caso a estratégia survey, com questionário auto administrado. Os resultados foram divididos entre as barreiras aos modelos de negócios, os mecanismos de sucesso e os impactos do modelo de negócio sustentável para a competitividade. No seu primeiro aspecto, as conclusões trazem resultados relacionados a falta de conhecimento dos profissionais de gestão, assim como a falta de comprometimento da alta gestão, falta de infraestrutura, altos custos de implementação entre outros. No segundo aspecto apresentou resultados correlatos com as características essenciais dos líderes para a implementação de modelo de negócio sustentável, mudança da cultura organizacional por meio da institucionalização da sustentabilidade, estabelecimento de compliance, iniciativa da liderança da organização entre outras. Por fim, os impactos estão vinculados com a melhoria da imagem da organização, assim como valorização das ações no mercado de capitais e aumento da avaliação de rating. Há também impactos na estrutura de custos e fontes de receita da companhia, já que processos mais limpos implicam em custo de investimento mais alto. Tais resultados foram contrapostos com a literatura encontrada para a estruturação do presente trabalho, propondo também novos estudos futuros. / The economic and industrial activities have grown significantly, which has consequences for the environment, such as the emission of greenhouse gases that exacerbate global warming and rampant use of natural resources. In this scenario, the debate on sustainable development has become part of the everyday life in public and private governmental organizations. Consequently, facing palliative measures and insufficient by organizations, the need to implement sustainable business models rises, models that make possible critical changes to achieve sustainable development. With this in view, the aim of this study was to identify the factors that interfere in the implementation of a sustainable business model process, studying the difficulties, successful mechanisms and impacts on competitiveness. To this end, an exploratory qualitative research through a data survey was performed, being used in this case the survey strategy, with a self-administered questionnaire. The results were divided among the barriers to business models, successful mechanisms and impacts of sustainable business model for competitiveness. In its first aspect, the findings results are related to the lack of knowledge of management professionals, as well as a lack of senior management commitment, lack of infrastructure, high implementation costs, among others. In the second aspect presented, the results are related to the essential characteristics of leaders to implement sustainable business model, organizational culture change through the institutionalization of sustainability, compliance of establishment, organization\'s leadership initiative among others. Finally, the impacts are linked to improving the organization\'s image as well as appreciation of the shares in the capital and increased the rating assessment market. There are also impacts on the cost structure and sources of the company\'s revenue, since cleaner processes imply in higher cost of investment. These results were contrasted with the literature found for the structuring of this work, proposing also new future studies.