Private banks still struggling in Europe - According to the annual study by the consultancy firm McKinsey, no less than 15% of European private banking institutions (or 16 banks) have posted operating losses. Only 2 or 3% of them were in this situation prior to the financial crisis, but the proportion of banks affected is increasing year on year. Overall, however, the 110 banks examined by the consultancy firm have got back to pre-crisis levels and 25% have even exceeded them. As to the amount of assets under management, this has risen by 8% over one year. However, this increase in assets can be explained mainly by the improvement of the markets in 2012. In particular, yield level seems to have been affected on an ongoing basis, with an operating ratio which has worsened considerably between 2004 and 2007. (IL/transl.fl)