May 29 2006

Financial Services Heads in Denial Over Impact of Globalization

Published by at May 29, 2006 12:15 am under Globalization

Financial services sector leaders are failing to acknowledge the challenge that globalization will pose in the next few years, accounting firm Deloitte & Touche LLP said in a survey.

Of 175 chief executive officers of financial services providers interviewed, 21 percent thought their companies would gain over 50 percent of profit outside of their home markets by 2010.

Globalization will probably have the largest impact on profits in the industry over the next three years, with 65 percent of respondents agreeing it was the biggest challenge facing their company.

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