Reuters UK, 27 Apr 2009, By Saeed Azhar and Tony Munroe
Private banks in Asia face tough times as rich clients burned by complex, high-margin products choose simpler investments and shun institutions that are worst-hit by the financial crisis.
Lower fees and shrunken asset levels will mean more job cuts as private banks can no longer afford the armies of often-inexperienced bankers built up during the boom years of 2004-2007 to serve Asia's growing pool of millionaires.
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