By 2010, China’s financial services market will be comparable to Italy’s and by 2020 it will overtake Germany’s.
But it won’t be necessary to move to China to enjoy the good times. Global financial services will represent 10% of global GDP by 2020, up from 6% now, and be worth a cool $6000bn, according to a report by Mercer Oliver Wyman entitled Future of financial services – future scenarios.
So that’s wonderful for those young enough to have 15 working years ahead of them – there should be plenty of jobs. The challenge, however, will be picking the right bank to work for.
The report also notes that by 2020 the top 100 providers will supply 85% of the market compared with 65% in 2002, and that a typical top 10 financial services provider will have revenues of $120bn compared with $30bn today.
These mega banks are going to be formed from further cross-border mergers and European houses are in denial if they think that it won’t happen here.
