A new wave of restructuring is expected in the financial services sector worldwide over the next five years, according to a new briefing paper by the Financial Services Group of PricewaterhouseCoopers and the Economist Intelligence Unit. However, it is clear that the context of restructuring will be very different from the blockbuster transactions of the 1990s – increasing regulation and intense competition has changed the industry landscape, economic recovery remains fragile and institutions are more wary than ever of reputational and other forms of risk.

Senior executives from 123 financial services institutions worldwide took part in an online survey during September and October 2003. Almost four out of five respondents expected their firms to be restructured significantly within the next five years and 92 percent of survey participants believed that restructuring will be "important, very important or integral" to helping complete their strategies.

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