Returning stability to the banks and the banking system
A speedy recovery could not be expected from the worst financial crisis since the Great Depression. For those in charge of the banks the situation is undoubtedly challenging and, unsurprisingly, many directors are preoccupied with the short-term actions required to save their bank. But concentrating on these short-term responses to the exclusion of actions, which will affect the medium and long term is a mistake. It is precisely because economic conditions are so dire that management must rise above the distractions to take an uncompromising look at their businesses and not let long-term economic stability be consumed by crisis management.
Following the success of The day after tomorrow
, our latest point of view on the financial crisis examines The future of banking. This point of view will be the first in a series looking at the future of the banking industry, the challenges the industry faces and the actions needed to address these in the short, medium and long term. The future of banking: Returning stability to the banks and the banking system
presents a series of perspectives on the immediate ways banks can begin to build a sustainable and profitable future, concentrating on four distinct areas that will determine the shape of the new banks:
- Business model;
- Capital, risk and governance; and
- People and rewards.
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