It was an interesting survey recently conducted by Grant Thornton LLP that pointed to the optimism of banking executives regarding the U.S. economy’s recovery in the next six months.
A robust stock market, stabilizing unemployment and improving corporate earnings obviously have an impact on their positive outlook.
One must ponder then over, the lack of increased hiring.
“Bankers are proceeding with caution focusing on building up capital and preparing for the costs of compliance and financial reform regulations”, reported Nichole Jordan, of Grant Thornton LLP. Supporting this feeling of confidence, are the high net worth investors with more than $2 million in assets beyond their primary residence whom expect their net worth to at least triple in the next decade.*
Which brings one to ask “Are our financial institutions to cater only to these elite high net investors?” If so, where are our Main Street investors going?
* (February report by the Scorpio Partnership and Standard Chartered Private Bank).