Full Report š‘pectations „arket pressures ›ong’term glo‚al are increasing are unprecedented shifts prove impossi‚le The first thing to recognise is that the in their severit to ignore e‘pectations placed on investment ‚anks The macro factors that have a particularl An attempt to think a‚out ho­ to are increasing in ‚oth their num‚er and intense effect on the investment ‚anking strategicall respond to future developments their stringenc industr are also strained needs to account for the long’term glo‚al Regulators are demanding the s­iftl Economic conditions are fraught ­ith trendsˆ These can ‚e categorised as shifts compl ­ith strict ne­ capital and liŒuidit uncertaint ­ith a sovereign de‚t crisis in consumer ‚ehaviour‡ largel propagated regimes‡ interpret the minutiae of in ­estern economies‡ disparit in gro­th ‚ su‚stantial demographic shifts‡ derivatives reform on ‚oth sides of the rates ‚et­een different regions‡ and volatilit a recali‚ration of the corporate landscape‡ Atlantic‡ and produce an arra of data in ­orld commodities marketsˆ These are nota‚l through the rise of the emerging reports to prove their financial healthˆ com‚ining to hamper trading revenues markets corporation as a glo‚al plaer‡ and‡ Shareholders are reŒuiring ‚anks to and dampen appetites in primar marketsˆ ‚roader still‡ geo-political trends that ­ill reduce cost ‚ases‡ increase transparenc The political climate is testing‡ ­ith recast the international climate in ­hich and improve the integrit of their anti’‚anking sentiment evident in a ‚usiness is conductedˆ corporate governanceˆ Ho­ever‡ the also num‚er of influential financial centresˆ continue to e‘pect to achieve the kind of A range of potential ta‘es and levies on supernormal returns that are reŒuired of financial activities are ‚eing considered an industr ­ith such inherent volatilitˆ and the unpredicta‚le decision making Clients ­ant their ‚ank to ‚e a process‡ periodicall hi™acked for electoral source of simple‡ un‚iased advice‡ point scoring‡ undermines an certaint ­hilst providing a trul relevant‡ a‚out future developmentsˆ high’value serviceˆ Technological change necessitates attention‡ as ‚anks face up to an increasingl monopolistic infrastructure environment‡ ­hile attempting to keep pace ­ith an accelerating rate of innovation and the conseŒuent skills shortages in ke areas such as latenc developmentˆ “ If £investment ‚anks¤ ­ant to do proprietar trading‡ then the shouldn’t ‚e ‚anksˆ” Paul ˆolcker, Intervie… …ith Š ’, May †, “”11 •