The US financial services industry, especially banking, has undergone substantial technological change and industry restructuring during the 1990s. A variety of new techniques and services have been introduced in all areas of the financial services sector, and industry restructuring through mergers and consolidation has been a defining feature of the banking industry in recent years. Through the effects on cost, quality and the types of services provided, technological change and industry restructuring are likely to generate gains for stockholders and customers. However, the reshaping in this industry also implies that companies are struggling to implement their strategy with antiquated incentive compensation systems.
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