Banking Matters

Major Banks Analysis: November Full Year and Hot Topic: Waiting for superheroes: The banking workforce of the future

Being a leader in today’s banking industry is not easy. Despite a benign global environment for banks, and a local environment that remains conducive to profitability, much has gone wrong in the industry around the world. Executive teams are now rightly questioning if they have the right people, with many suspecting they don’t.

Looking forward, a changing economic environment, shifting workforce demands, and the nature of work itself will only make being a leader even harder. So how do we answer this question?  Is there a risk that we are waiting for superheroes?

In this Hot Topic we review insights on the banker of the future, and how personal attributes across the employee life cycle are key to helping answer the challenge of the workforce of tomorrow.

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Major Banks Analysis: November Full Year

With a fall of $1.7 billion in reported cash earnings, the headwinds to bank performance that have been much debated for the past six months have now overcome the previous tailwinds of mortgage repricing, asset quality and balance sheet growth.

The reduction in cash earnings reflected both revenue and cost drivers, with the banks specifically calling out compliance, remediation and restructuring expenditure. Margins have also come under pressure, lending growth has been subdued and major bank market share has continued to erode.

Given the significant changes in the operating environment, the major banks are all simplifying, streamlining and rethinking the major arms of their business. Most importantly, they have also begun to revisit some of the fundamentals of their business, and some progress is starting to come through on the underlying cost base. The reported results also reinforce a strong capital position and record low impairment charges, however the outlook remains challenging and the hard work will have to continue.

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