Business
Big banks’ costly 20-year foray into wealth management is almost over – Sydney Morning Herald
It’s impossible to calculate the size of the value destruction that resulted from the major banks attempting to push beyond their core competencies and corner the wealth management market.
Those helming the banks in the late 1990s and early 2000 were looking for growth and diversification they were attempting to reinvent themselves into financial services supermarkets.
Back then, the key measure of success for banks was “products per customer”. Five was their nirvana, but few, if any, got close. Cross-sell was the mantra and once sleepy tellers became truly incentivised salespeople.
It was easy to understand the dollar signs reflected in the eyes of the bank regimes at the time….
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