The bankers' main concern should be to restore clients' heavily shaken trust, considering that the popularity of this category has slumped to minimum levels, says Andreas Treichl, CEO of the Erste Group - majority shareholder of the BCR. "Clients' trust has fallen significantly, and the main goal at this time should be to restore it. It is a serious problem, which can only be resolved by direct contact with the client, through face-to-face talks, leading to a rebuilding of trust, because this is the most precious thing for us," Treichl said at a conference on the future of capital markets held in Austria. He admitted that sometimes bankers gave their clients investment advice that, although well meaning, and supported by expertise and analyses, did not result in the anticipated success, but in quite the contrary, and this significantly affected client confidence. "Is there a future for capital markets?" "There is a future," Treichl replied, without any further comment. As for the duration of the crisis, the head of Erste believes all predictions thrown around on the market are mere "charlatan talk", as it is impossible to predict a firm timeframe. According to him, financial products will clearly see a much slower growth than in the past. Asked when the Austrian Stock Exchange could return to pre-crisis 2007 levels, Treichl answered sarcastically: "I would say we will surely see those levels again in September. But I couldn't say of what year."
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