Banks will pull through and their equities are not necessarily a poor investment, according to Spektrum CEO

In the near future, banks will have to make unpopular decisions to employ fewer people, increase digitalization and charge for services that many take for granted.

Spektrum CEO Søren Dal Thomsen | Photo: Ida Munch/ERH

We will still require financial advisory and access to liquidity in 50 years so there is no reason to believe that banks as we know them will be dispensable in the future. However, we need to adapt and, in particular, reduce the sector's number of employees, says Søren Dal Thomsen, who is Chief Executive Officer of wealth manager Spektrum, which offers advice and asset management to big and medium enterprises.

"Cost reductions are inevitable. The current IT revolution is already doing its part but redundancies are also in the cards. Several factors will determine whether 15 or 30 percent.," Dal Thomsen explains.

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