More than half the players in the global banking sector aren’t generating enough returns and should quickly reinvent themselves to weather any future economic storms, according to a report from consulting firm McKinsey.
Nearly 60% of banks are not generating returns on equity which could be exacerbated if another crisis hits, the 58-page report released on Monday said. “A prolonged economic slowdown with low or even negative interest rates could wreak further havoc,” the report stated.
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