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Nearly 60% of the world’s banks are likely to struggle in an economic downturn, McKinsey says

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  • Nearly 60% of the world’s banks are likely to struggle during an economic downturn.
  • The banks’ returns on equity are too low relative to their costs, McKinsey & Company said in a new report.
  • The consultancy urged banks to invest in technology and pursue mergers to stay competitive with newer rivals such as Amazon and Google.
  • Visit Business Insider’s homepage for more stories.

Nearly 60% of the world’s banks are likely to struggle during an economic downturn, McKinsey & Company said in its latest global banking review. It also suggested several ways for them to become more resilient.

The consultancy firm warned banks read more >>>

Source:: BusinessInsider.Com