‘Challenging’ is the new banking euphemism of our times

Second-quarter financial reports use the word repeatedly to describe market conditions and operating environment

As investment banks struggle to adapt to volatile markets and a slowdown in activity, they have adopted a new euphemism to describe the changed world in which they operate: challenging.

Professor Charles Goodhart at the London School of Economics and Political Science recently said: "'Challenging' is the euphemism of our days. What 'challenging' actually means is 'bloody awful'."

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