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Ernst Wilhelm Contzen didn’t beat about the bush when presenting the first half-year results before provisions of the banking industry, which are down 12% compared to the same period in 2011. The Chairman of the Luxembourg Bankers’ Association ABBL said that the crisis was far from over and that banks are widely affected. Though the situation does not look too bright, he didn’t want to be too pessimistic either. Ernst Wilhelm Contzen spoke about a mentality shift that has to take place, not only in the finance industry but also across the whole society. Everyone needs to be aware of the fact that the golden years are over. The trend goes towards net revenues increasingly under pressure and costs rising, but profitability and productivity not rising at the same pace. According to Mr...
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