Lack of bank innovation opens door for startups, Krawcheck says

04/24/2013 | CNBC

Banks cannot rely on cost-cutting as a way to make a profit, and instead must focus on innovation, says Sallie Krawcheck, former Bank of America Wealth Management president. She says startups are the ones innovating and are better positioned for "taking what was the little crumbs that fall off the table, but now are pieces of bread and sometimes a hunk of meat as well."

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