McKinsey: Banks Must Cut Deeper to Help Stock Prices
Bloomberg noted in an article today (10/9/12) that according to an annual review of the industry by McKinsey & Co., banks must make deeper and more sweeping cost reductions if they want to restore profitability levels that are acceptable to investors.
Bloomberg quoted a director of the consulting firm’s North American banking practice as saying in an interview, “Banks have done quite a lot on cost-cutting but frankly the environment has deteriorated over the last year because of economic weakness.”
To read the Bloomberg story click here.
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