Private banking CEO roundtable participants
PdW, Deutsche There is no booking centre around the world where regulation has not become more costly, but that is just part of the business model now, and it is good for the industry. We haven’t yet seen any impact on revenues, however.
TK, Barclays Regulation requires a significant investment on the part of all firms to meet the technological and human capital costs required to meet the new standards. Higher standards are a good thing, and we have made and will continue to make those investments. In my view, this will force both a consolidation in the industry and a barbell effect – squeezing out the middle players.
| ”Clients realized the price of not knowing what they were invested in and exposed to, so there is a greater emphasis around transparency" Jane Fraser, Citi |
JF, Citi Increased regulation is a fact of life for the industry. We had invested early on in governance and global control, which has helped us win client confidence. Regulation is local so the key is to make sure you are compliant with the local regulators.