Financial Services
Insurers have, in the main, ridden out the financial crisis more successfully than many banks, and few have suffered catastrophic losses and writedowns.
Although the credit crisis and resultant financial turmoil clearly hit the banking and finance sector hard, a recent business climate survey by KPMG in the US of banking and finance executives, reveals optimism in the industry.
The latest edition of KPMG's Defining Issues reports on the G20 meeting where leaders called on international accounting standard setters to redouble their efforts to achieve a single set of high-quality, global accounting standards by 2011.
The G20 represent the most important industrial and emerging market countries. Under their leadership a lot of measures have been undertaken, ambitions developed and regulations been crafted for global financial markets.
Financial services organizations are spending billions of pounds every year on change initiatives, but many are unsatisfied with their results.
Chief risk officers at the world's financial institutions are unlikely to look back fondly on 2008. Within little more than a year, the international financial system had been brought to the brink of collapse.
The credit crisis has recently entered an unprecedented new downward phase, with many high profile companies falling to administration, being bought or being nationalized.
This report produced by KPMG International in cooperation with the Economist Intelligence Unit examines in detail how fund flows, returns and reputations of investment managers have been impacted by the credit crisis and the economic conditions of the past 12 months.
Contact
Jeremy Anderson
Head of Financial ServicesKPMG LLP
1 Canada Square
Canary Wharf
London, E14 5AG
United Kingdom
T +44 20 73115800 | jeremy.anderson@kpmg.co.uk
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