Nearly 60%

October 23, 2019 AT 3:01 AM

More than half the world’s banks are too weak to survive a global recession, according to a new report from McKinsey and Company, A 58-page report from the consultancy says the banks are not making enough money to withstand the high costs of operating while competing against fintech startups and the long shadow of companies such as Apple, Amazon and Google poised to increase their presence in the financial services industry. McKinsey says banks have three choices to survive the stress — innovate their existing practices, buy innovation or merge together. (APM Marketplace, Business Standard — October 22, 2019)