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Challenges Mount: Bank Programs Buckle Down

Banks are investing in their wealth management businesses, drawn in part by their desire to diversify their revenue, particularly as interest-based income dries up. Bank executives are also attracted by the cross-selling potential of their brokerage and other investment services units.

“Banks like that type of business,” says Wayne Cutler, a managing director with consulting firm Novantas. In addition to the annuitized income it generates, the wealth management business “gives them an inroad to selling core banking services,” such as credit cards, loans, cash management and lines of credit, he explains.

Read the full article at Bank Investment Consultant…

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