This article explores the shifting landscape of private banking, particularly in smaller international financial centres, and questions whether the decline observed in certain regions is indicative of a long-term trend.
Marcus Killick identifies several factors contributing to this trend, including regulatory changes such as FATCA and the Savings Tax Directive, economic considerations such as changing risk attitudes, and innovations like the rise of family offices and online banking.
These factors collectively impact the profitability and attractiveness of smaller international financial centres for private banking. Killick suggests that while the financial centres themselves will adapt, private banks may face challenges in maintaining their relevance and profitability in the evolving financial landscape.
Read the article: Private Banking – A dip or a spiral
(Article first published in 2015.)
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