What are the challenges to expanding in Asia at the moment?
Obviously, we had all hoped the headwinds to the banking business — low levels of client activity, low interest rates, market volatility and political uncertainty — around the world would subside. It now seems clear though that these secular trends may persist for an extended period. Against the background of these challenging operating conditions, the uncertain economic outlook globally and the increased regulatory scrutiny of cross-border activities, our traditional private banking business model is clearly in flux. To produce superior returns for shareholders and maintain client market share momentum in light of these challenging secular trends is a formidable task indeed.
