Kristin R. MoyerDavid Furlonger here. Morgan Stanley and Goldman Sachs changed to bank status earlier this week. I believe this has little impact on the mainstream banking industry except perhaps in one area. These two institutions are famous, amongst other things, for their ability to innovate. So, does this mean that the comparatively staid world of retail banking is now going to see a surge in innovation from the likes of Merrill’s, Morgan Stanley and Goldman’s in the retail banking/wealth management market?
I think the short-term answer is no. However, for our clients in those segments of the industry, this is perhaps a warning of things to come. Even though CIOs eyes may be on a different game right now, they shouldn’t lose sight of the requirement to maintain innovation projects and drive innovation within their firms.
Periods of distress often lead to the biggest/most innovative solutions – now is the time to capture those ideas.
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Category: Uncategorized Tags: banking and investment services, financial services restructuring, market crisis, Merrill Lynch, Morgan Stanley
