In the last two decades the banking sector had been facing a series of profound changes. After a significant period of growth and wellbeing, the economy has faced a sudden and severe crisis. The main effect of the economic downturn implied a sharp decrease in the economic activity overall, and in the banking sector in particular, which led to millions of people losing their jobs. The article focuses on this heavily affected branch of the economy, and looks into the most efficient change management methods and turnaround strategies that enabled select organizations to remain competitive and overcome the multiple difficulties caused by the financial crisis.