Problems have continued to mount for the German banking sector in 2019. According to Ronit Ghose, the global head of banks research at Citibank, German lenders are in a much worse position than their European counterparts—and that even includes Italy when it comes to profitability.
Over the years, the prospect of a banking career has lost a lot of its luster, and this has been particularly true over the course of the past decade. Millennials, as they enter the workforce, are steering away from financial services in favor of other career opportunities. What’s behind the loss of appeal, and how can bank culture move from the defensive to offensive position?
The road ahead for investment banks remains bumpy and curvy, and navigating it will require that each institution take bold action to enact the business model that will enhance its strengths in today’s challenging economic climate. Despite some recent gains, factors such as high costs and product complexity are still weighing the sector down.