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Weaker global economic climates drive banks into ‘protect & control’ mode

Michelle Zhu Published on Thu, Mar 23, 2017 / 12:57 PM GMT+8

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SINGAPORE (March 23): Given the potential implications of Brexit and US president Donald Trump’s financial deregulation efforts, banks around the globe are facing a surge of global economic uncertainties this year.

As such, it is no surprise that banks around the globe have begun to shift their immediate priorities to a defensive “protect and control” mode as they focus on building an agile and sustainable business model for the future.

According to findings from the latest EY Global Banking Outlook 2017 report, 69% and 66% of banks surveyed indicated managing reputational risk and meeting regulatory compliance and reporting standards as the top two strategic priorities for this year.