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Chris Rooney is Senior Partner, Wipro Consulting Services. He is based in Boston and may be contacted at chris.rooney@wipro.com

Author's Posts

Why the Financial Services Industry Must Create Permanent Operating Efficiencies

Posted by: Chris Rooney | May 08, 2012

It’s a familiar story in the financial services industry. The market is down, profits are down, and a major bank announces it will take out a billion dollars in costs by restructuring the business and reducing staff by a few thousand people. The stock market responds positively to such announcements, but the truth is that such cuts simply return a bank to its status quo. As the market or the economy rebounds, staff levels inch back up and the bank’s cost basis returns to previous levels.

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