Over time, this has rapidly become widespread practice, producing a change in the nature of a bank’s business from conventional operations to the more complex business of universal banking. Universal banking is a development that we must anticipate as part of the future of the national banking industry.
Downside risks to the economic outlook from the second wave The exponential surge in new COVID-19 infections since early October has, however, visibly skewed the risks to the economic outlook for the fourth quarter of 2020 to the downside.