Private banking: where the profits are

Forbes magazine sees tough times ahead for banks:

Last year Capco, a consulting firm headquartered in Belgium, produced a startling report entitled "The Emerging Crisis in U.S. Banking Profitability," which convincingly argued that the mainstream commercial and individual banking business was about to enter a prolonged dry spell of price competition and compressed profit margins. The report, though, missed one bright spot: banking services for prosperous customers.

For more on the bright spot, see Daddy Warbucks banking.