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The past few years have been challenging for private banking. But the bell for change is ringing due to market volatility, cost pressure and lower profit margins. According to an annual KPMG study named Performance through focus on seizing the global private banking opportunity, a clear vision of client and service development is a key to success. Cost control is an important factor too, but it is not enough for a private bank to outclass its competitors. KPMG conducted in-depth interviews with more than 80 board-level executives at private banks from Europe (Austria, Switzerland and Luxembourg) and Asia (Hong Kong and Singapore). In Luxembourg, 26 CEOs have been interviewed.
Stanislas Chambourdon is Partner at KPMG Luxembourg. He says, With...
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