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Traditional cost-reduction strategies that worked in previous banking downturns won't suffice this time. Now, banks face three factors converging into a pool of uncertainty: a lack of confidence in forecasting the bottom of this downturn, unprecedented levels of operational risk, and pressure to quickly reduce costs, even if it means adding complexity to operating models. The recent cycle of easy credit and revenue growth masked serious underlying problems. The widespread focus on growth, combined with lack of discipline around operating models, product streamlining, margin control and organizational structures, has led many banks to build up highly disparate and complex operating models.
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