The 6,000 job cuts announced last week at Nordea Bank AB are just a down payment for an industry facing radical overhaul, says Chief Executive Officer Casper von Koskull.
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"The trend is even more pronounced among millennials, who are clearly looking for self-service with benefits models that allows them to manage their accounts, but also receive advice from professionals when they need it," he adds. "Firms that can get that balance right — and offer it at a competitive price — have a huge opportunity to fulfil an unmet need."