Recent years have seen banks’ profit margins erode significantly. Global recession, crisis in the Euro zone, major regulatory change and the deleveraging of balance sheets has placed banks under significant pressure to operate profitably in a hostile climate. To survive and thrive in these turbulent times, it is no surprise that banks are increasingly looking towards significant cost base reductions.
In the UK, many financial service institutions have already begun the process of reducing their cost base. The range of options at their disposal is vast and includes transforming their operating models, reducing spans and layers and introducing more cost efficient processes and technologies.
