Europe's financial services sector must reinvent itself in order to survive disruption and remain competitive, according to a new joint report from PwC Luxembourg and development agency Luxembourg for Finance.
The report published Monday urges Europe's banks and wealth managers, along with payment service providers and insurers, to proactively embrace "Amazonization" and the shift in power to consumers driven by online platforms.
Tier one capital is a core measure of a bank's financial strength, from a regulator's perspective. It refers to the bank's "core capital" which is comprised of equity capital, held in common stocks, and disclosed reserves. Bank of America Merrill Lynch is one example of a Wall Street competitor seeking to achieve this monopoly. In October 2018, the megabank introduced abetween retail banking and investment management brokerage capabilities.
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