It’s been a rough few years for global banks since the financial crisis. Investment banks that made a fortune before 2008, trading on their own accounts and selling complex financial products, have been forced to look elsewhere for profits as regulators cracked down on the riskiest practices that brought the global economy to its knees.
Many have turned to private wealth management; basically, managing the money of the rich. With more millionaires and billionaires around the world than ever before, it seems a no-brainer, the ailing financial sector’s last resort for earning adequate returns.
But according to a study conducted by management consulting firm Oliver Wyman, together with Deutsche Bank’s research department, those good times too are about to come to an end.