A PricewaterhouseCoopers (PwC) executive has attacked the Asian banking industry, telling a conference in Singapore that it had not learnt the lessons of the financial crisis.
Justin Ong, PwC head of Asia Pacific wealth management, said that the sales-driven culture of the Asian markets was leading to clients taking high risks in an attempt to regain money lost last year.
He told the Reuters Global Wealth Management summit: "If lessons are not learnt ... the next time a crisis comes, and it will come, you are going to hit a bottom that is even lower."
In Hong Kong last year, the collapse of Lehman Brothers saw 16 banks pay out more than $800 million to customers who had lost a combined $2.5 billion through investing in toxic bonds.
Mr Ong added that banks needed to come up with new revenue models that would reward a focus on client performance rather than making earnings by pushing products.
By Gary Cooper
Calypso voted the best software solution and best buy-side collateral management solution of the year by FTF Calypso Technology Inc., a leading provid...View article
Calypso Technology, Inc. is sponsoring the Central Banking Summer meetings from June 14th to June 18th, 2021! Herve de Laforcade, Global Head of Marke...View article
Manchester, UK, 10 June, 2021: AccessPay is now available to hundreds of thousands of Sage users through their online marketplace.The fast-growing Man...View article