"Running in place," banks are going to need to make more substantial cost reductions if they want to bring ROEs back to palatable levels, according to McKinsey's annual review of the industry. Look at industries like autos or telecoms that have had to go through this, says McKinsey's Toos Daruvala, and they managed to cut costs by more than 30%.
"Running in place," banks are going to need to make more substantial cost reductions if they...
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