Private wealth management 'changed' following recession

Private wealth management has altered in the wake of the economic crisis, according to new industry statistics.

The British Bankers’ Association (BBA) has published data showing wealth management clients are more likely to reduce the amount they owe in loans, focusing instead on making increased savings deposits.

Meanwhile, corporate banking has an increased tendency to borrow, making up for the drop off in house loan purchases, the organisation revealed.

Financial institution support for small businesses is also growing, with £17,000 worth of new loans provided every ten minutes.

Lessons from the recession may have made individuals engaged in private wealth management more cautious, but the group notes the sector is still ’undertaking enormous volumes of business’, a possible indication that the downturn did not damage banks as much as was feared.

BBA represents 223 members of the financial services sector and provides training, information and advice as well as publishing an Annual Abstract of Banking Statistics. ADNFCR-2318-ID-19877608-ADNFCR