Private Banking and Wealth Management Survey 2013: A decade of private banking

Market volatility remained high in 2012 as the eurozone crisis intensified, fears persisted about China’s slowing growth, and the US offered its own uncertainties with an election and a fiscal cliff. For the world’s private banks, it was a continuing battle to find yield for clients and to protect their wealth from geopolitical risk – all in the face of increasing regulatory requirements and pressure to cut costs and increase revenues. The cost of compliance is 10% of the turnover of private banks and wealth managers, according to research by ComPeer.