By Stryker McGuire Bloomberg Sat., Nov. 24, 2018 Ten years ago, stock markets plunged, major banks faltered, and the global economy teetered on a precipice. Few would have predicted that the ensuing decade would produce an explosion in wealth. But that’s just what happened. An unprecedented infusion of central bank funds into the world’s largest economies bolstered asset prices, making many people richer and exacerbating inequality. Global personal wealth reached a record $201.9 trillion (U.S.) last year, according to Boston Consulting Group Inc. For some banks, this burgeoning affluence brightened an otherwise dreary postcrisis landscape. Giants including UBS, Morgan Stanley, and Bank of America seized the opportunity. With trading desks hamstrung by a flurry of new rules, banks set out to woo the growing ranks of the super rich. But the business of managing the fortunes of the elite was changing as well. The U.S. and Europe cracked down on tax evasion, driving clients to pull tens of billions of dollars out of Switzerland and forcing private banks there to seek new pockets of wealth. Money laundering scandals brought fines and yet more rules. Compliance costs soared, and clients started paying closer attention to fees and the services they received… Read full this story
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