The world’s 13 biggest investment banks are less efficient and less profitable than the next 200 – and the situation is set to worsen over the next five years, according to a new report.
Average profitability of the top investment banks, in terms of return on equity, was just 8 per cent last year, according to the report published yesterday by consultants McKinsey.
Their performance dragged down the global average to 10 per cent overall, offsetting strong results from second-tier banks in North America, Asia and Latin America.
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