Title : The Next Global Crisis May Wipe Out Half Of The World's Banks
link : The Next Global Crisis May Wipe Out Half Of The World's Banks
The Next Global Crisis May Wipe Out Half Of The World's Banks
FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly
Business Insider: Nearly 60% of banks need to make changes or they'll struggle during the next downturn, McKinsey says
* Nearly 60% of the world's banks need to make changes or they'll struggle during the next downturn, McKinsey & Company said in a new report.
* The banks' returns on equity are too low relative to their costs, the consultancy said.
* It urged banks to invest in technology and pursue mergers to stay competitive with newer rivals such as Amazon and Google.
Nearly 60% of the world's banks need to make changes or they'll struggle during the next downturn, McKinsey & Company said in its latest global banking review. It also suggested several ways for them to become more resilient.
The consultancy firm warned that banks were increasingly vulnerable as they're not growing as quickly.
"A decade on from the global financial crisis, signs that the banking industry has entered the late phase of the economic cycle are clear: growth in volumes and top-line revenues is slowing, with loan growth of just 4% in 2018 —the lowest in the past five years and a good 150 basis points (bps) below nominal GDP growth," McKinsey said, adding that investor confidence in banks was waning.
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WNU Editor: There is just too much debt in the world today, and I just shudder when I think about what the next downturn may do to countries like the US who are already running huge deficits in a booming economy. What happens when the boom stops? The McKinsey report is here .... Global banking annual review 2019: The last pit stop? Time for bold late-cycle mo (McKinsey & Company)
More News On Reports That The Next Global Crisis May Wipe Out Half Of The World's Banks
‘Do or die’: Report warns banks to reinvent themselves to survive the next downturn -- CNBC
Half The World's Banks Won't Survive The Next Crisis, McKinsey Finds -- Zero Hedge
Most banks aren’t prepared for a recession, McKinsey warns -- FOX News
Half the world's banks are too weak to survive downturn - McKinsey -- RT
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