UK retail bank NatWest Group Plc has for years made most of its income from collecting interest on mortgages and other loans. It and many other banks want to change that by pushing further into wealth management, with its steady flow of fees.
But the tilt comes at a time when investors are hammering wealth manager stocks, as advances in artificial intelligence have ignited concern over whether such technology will render existing services unnecessary. The effort also hinges on a change in culture in the UK, where most people choose to save extra earnings rather than invest, and regulations.
UK Banks Push to Manage Billions of Pounds Sitting Uninvested
