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| Illustration: Barry Downard |
While the world’s wealth continues to rise, low interest rates and a challenging macroeconomic environment mean that revenues for those that manage it are under pressure.
In a survey by Euromoney of more than 2,000 private bankers around the world, respondents say they are less bullish on revenues for 2017 than in previous years. Some 67% of bankers say they expect revenues to be higher than in 2016, down from the 73% expecting higher revenues last year and 78% expecting higher revenues in 2015. More bankers are instead expecting revenues to be lower than in the last three years.
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“The challenge we face as an industry of top-line growth is very real,” says Jürg Zeltner, president of UBS Wealth Management, which was voted the best global private bank by its peers in Euromoney’s 2017 private banking survey.
