The future of private banking in Europe: Preparing for accelerated change

European private banks were already feeling pressure to revitalize. Now that the pandemic has accelerated changes in the expectations of clients and employees, the industry will need to accelerate its transformation.

 
This article is the result of collaboration between Sid Azad (partner in McKinsey’s London office), Thomas Briot (senior knowledge expert in the Brussels Innovation Center), Cristina Catania (partner in the Milan office), Sebastien Lacroix (senior partner in the Paris office), Violet Lentz (consultant in the Zurich office), Jan Quensel (associate partner in the Zurich office), Frédéric Vandenberghe (senior partner in the Brussels office), and Christian Zahn (partner in the Frankfurt office).

 
European private banks met COVID-19 in a difficult starting position, following a second year of declining profits, according to McKinsey’s 2020 Private Banking Survey. Despite soaring markets in 2019, the profit pool fell to €13.3 billion for the year, from €13.5 billion in 2018.

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Πηγή: mckinsey