Inconsistent Revenue And Recent DeclineA material revenue drop and inconsistent top-line growth undermine long-term planning and investment. For a fee-driven bank, weaker revenues limit scale benefits, compress margins, and reduce the ability to finance platform improvements or retain talent without eroding profitability.
Declining Operating Cash Flow ConversionWeaker operating cash flow conversion is a structural concern: it erodes liquidity over time, forces reliance on balance-sheet buffers, and constrains lending, client financing and investment capacity. Persistent conversion weakness can pressure dividends and capital returns.
Operational Inefficiencies (negative EBIT Margin)A negative EBIT margin signals structural cost or revenue mix issues that limit sustainable profitability. Unless addressed by cost optimization or higher fee capture, inefficiencies will continue to depress returns on equity and hinder competitiveness versus larger private-banking peers.