Why Can’t Banks Be Friends?

European banks really can't afford NOT to be BFFs.
By Aleem Yousaf (Canary Wharf after sunset) [CC BY-SA 2.0], via Wikimedia Commons

via Wikimedia Commons

It would be so much cheaper than the admittedly more fun cut-throating.

Industry experts and consultants say banks need to team up to share costs in areas where there is little distinction between offerings. This includes payment services as well as processes for credit, securities and anti-money laundering.

Banks and other financial firms are still looking at where exactly they might club together but industry consultants say collaboration could extend to property, with banks in some centers in Britain and United States already open to sharing office space.

Hard times seen bringing European banks closer together [Reuters]