Breaking the bank

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Losses from bad loans in the banking sector are almost $10 billion more than they need to be, according to financial services strategy consultants Oliver, Wyman & Co (OWC).

This year, OWC forecasts that banks’ losses from bad loans in North America and Europe will reach a record high of $130 billion, an increase of $20 billion on last year’s figures.

The increase is partly due to the worsening economic environment and a raft of high-profile bankruptcies such as Enron, WorldCom, Kmart a

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