PRIVATE BANKS HIT BY COST OF GREATER TRANSPARENCY

Thursday, October 8, 2009

Private wealth managers have learnt to be more transparent the hard way, but new measures will increase the cost of operations, prompting further consolidation among private banks. A year after the collapse of Lehman Brothers, the combination of volatile markets, $65 billion madoff fraud, and the relaxation of bank secrecy rules have conspired to undermine private banker-client relations.

http://www.reuters.com/article/GlobalWealthManagement09/idUSTRE59156X20091002

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