True or false. The financial crisis hastened the ongoing process in which the financial services industry was transforming from having a few large firms to many small firms.

Question

Cannon Orozco

Business

6 September, 11:08

True or false. The financial crisis hastened the ongoing process in which the financial services industry was transforming from having a few large firms to many small firms.

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Answers (1)

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Alyssa Ferrell · Answer 1

True. The financial crisis hastened the ongoing process in which the financial services industry was transforming from having a few large firms to many small firms.

Explanation:

The financial crisis broke the back of many big firms especially working the stock market and exchange. Financing services were being handled by big behemoths during the time that harbored a lot of space in the industry and did not allow smaller firms to take over the tasks and succeed in their stead.

The crisis made it impossible for their business models to sustain and no one could afford a hefty sum for financial services so smaller companies with less operational costs took their place.