Banks should get house in order, embrace tech, BIS head says

1 July 2019 5:33pm
Banks need to consolidate, embrace technology and figure out a long-term plan to return to profit, a leading global standard-setter said at a recent press conference.

The advice from Agustín Carstens, general manager of the Bank for International Settlements, came as the Basel-based institution warned that weak performance at many lenders risked dragging down economic growth.

“What concerns us the most in some cases is the fact that many banks have not fully established a viable business plan,” he told reporters at the launch of an annual report, which sought to allocate blame for a soft patch in the international economic recovery.