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WM gains more significance at banks as overall profitability put under pressure: Moody’s

The pessimistic global economic outlook is likely to damage the profitability of banks and lead to wealth management businesses gaining importance as a means to generate revenue via cross-selling and managing fees, according to Moody’s analysts. “The operating environment is deteriorating across the major APAC banking systems, with profitability under pressure in most systems,” Stephen Long, managing director for Moody’s…

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