The European Finance sector remains resilient, and thanks to prudent regulation and supervision is in a good position to withstand the major macroeconomic challenges we now face: rising interest rates, inflationary pressures and subdued GDP growth, and the economic fallout from the pandemic and Russia’s war in Ukraine.
Market tensions, credit and liquidity risks, and the challenge of digital transformation need to be managed by Finance organisations.
Bank’s business models are being challenged by the ongoing geopolitical uncertainty and banks are relying more heavily on third-party providers for their digital strategy.
So, an underlying need for particular expertise and resource exists.
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"Banks are no strangers to substantial spending, allocating approximately €1.3 trillion annually across various sectors such as front office operations, IT, and corporate functions. Each year, discussions about curtailing these expenditures resurface. Indeed, as 2022 drew to a close and 2023 began, many major banks announced staff reductions, resulting in the termination of thousands of employees due to challenging capital markets and the investment banking landscape."