It’s an obvious strategy to counteract the pressure on overall revenues. Those banks that were disgraced in the crisis are regaining clients and therefore increasing competition. Client risk appetite is still subdued so more lucrative investment products remain on the shelf. Cross-border tax issues and compliance are increasing costs.
The emerging markets, if they can still be so-called, therefore offer some relief to private bankers as they gaze into an uncertain economic future for Europe and the US.
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