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COPYRIGHT 2008 SourceMedia, Inc.
It's all over the media-the subprime crisis is hitting banks hard with huge write-downs, falling stock values and significant job cuts. Is it time to panic? Industry observers don't think so. While parent banks are suffering, the effect is mostly localized in the institutional investment banking units that gambled on risky subprime mortgage investments. For bank brokerage, it's business as usual.
"As far as I can see, and I've spoken to private bankers and independent advisors as well, those advisors who are providing long-term advice are seeing no impact at all," says Alistair Jessiman, managing director of Novantas, a financial services consulting firm in New York.
GOOD ECONOMICS
Citibank's revenues from wealth management, private banking and...
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