Banking will no longer simply be full of small indignities: It will also be a crushing bore and less remunerative, to boot. Take it away, Bill Michael:
“Banking will become dull, and dull will be the new good. Bankers will no longer be the rock stars of the commercial world and banking will become staid and adrenaline-free.
“As global banks reconfigure and become more country focused, stable returns will be demanded by investors. Volatile earnings will signal that a bank hasn’t finished adapting.
“The ‘dullness’ of banks will drive culture and behaviour, not the other way around.”
KPMG: ‘Banks’ Dullness Will Drive Culture’ [WSJ MoneyBeat blog]
Goldman Sachs Compensation Ratio Drops [WSJ MoneyBeat blog]
Tags: Bill Michael, bores, compensation ratios, Goldman Sachs, KPMG, punishments, virtues of dullness, zzzzz