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Future Banking Summer 2023
Editorial Editor Andrea Valentino Sub-editor Tallha Abdulrazaq Production manager Dave Stanford Designer Martin Faulkner Group art director Henrik Williams Head of content Jake Sharp
Commercial Client services executive Derek Deschamps Publication manager Sanjeev Dole
sanjeev.dole@
progressivemediainternational.com Co-publisher Christopher Watts Managing director William Crocker
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he tumbling share prices. The frantic late-night meetings. The assurances that, hiccups notwithstanding, there was basically nothing to worry about. In countless ways, the dramatic collapse of Credit Suisse, after 167 years, felt ominously like the financial crisis a decade and a half ago. Even industry insiders had to concede as much. “Doing nothing was not an option,” is how Karin Keller-Sutter, the Swiss finance minister, vividly put it, adding that if the ailing bank hadn’t been salvaged by UBS, a wider banking crisis was inevitable. She could have been talking about Bear Stearns.
UK £67 EU €102 US $134 RoW $134 UK £104 EU €163 US $214 RoW $215
The wider question, it goes without saying, is to ask how could it all happen. In the wake of that earlier crisis, after all, regulators on both sides of the Atlantic were supposed to have tightened up the rules, forcing banks to bolster their liquidity even as risky loans were banned. Yet, as the long decline of Credit Suisse suggests, structural problems persist. From a $475m fine in 2021, sparked by a bribery scandal in Mozambique, to outflow problems going back years, it’s clear that the erstwhile Zurich giant hadn’t been well for a while. Not that the Europeans have been uniquely negligent here. From Silicon Valley Bank to First Republic, Americans have similarly battled to get a grip on their financial institutions – the US three banks that went under this year were worth more than the 25 that collapsed back in 2007–8. The reasons for these upheavals are multifaceted: an exaggerated regulatory focus on bigger banks; the continuing impact of Covid and the Ukraine war; an institutional tendency to forget just how quickly things go wrong. Yet amid continuing concerns over the health of the global sector – the shares of many European banks have yet to recover from the collapse of Credit Suisse – it feels equally hard to dispute all the positive activity that’s happening too. Certainly, this edition of Future Banking suggests as much. Phoebe Galbraith, for her part, takes us to France, where stalwarts like BNP Paribas are boosting the Hexagon’s place as an industry centre. Closer to home, Liam Murphy examines the growing popularity of working from home, offering harried staff a work-life balance even as their jobs prove as hectic as ever. And conscious of the impact of inflation, Ellys Woodhouse explores how many institutions are giving customers a helping hand, ensuring they can safely navigate a time of rising financial turmoil. Is there a contradiction here, between these many bright spots and the sector’s broader malaise? Maybe so. But looking at it another way, what else should industry officials be expected to do? Simply pack up their desks and wait for the collapse to come? Of course not. In that respect, it’s pleasing to see so many banks take their responsibilities seriously – supporting clients, and each other, even as the future remains murky. Let’s just hope the regulators manage a similar trick this time round.
Andrea Valentino, editor
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