The fall of Credit Suisse has dealt a serious blow to Switzerland's credentials as the world's leading wealth management centre, experts warn, calling into question its reputation for stability, regulation and corporate governance.
has dealt a serious blow to Switzerland's credentials as the world's leading wealth management centre, experts warn, calling into question its reputation for stability, regulation and corporate governance.
Switzerland manages $2.6 trillion in international assets according to a 2021 Deloitte study, making it the world's largest financial centre ahead of Britain and the United States. But it faces competition from other centres including Luxembourg and in particular Singapore, which has grown rapidly in recent years.Switzerland's credibility as a stable, predictable country had been upended by moves like the decision to wipe out the holdings of Credit Suisse bondholders, he said.
Still, the number of banks has fallen, down to 239 in 2021 from 356 in 2002. Staff numbers since 2011 have slipped to 91,000 from 108,000.Others were more skeptical about the future, highlighting a reluctance to confront mistakes at Credit Suisse or take responsibility for the aftermath. Legge said the collapse should serve as a wake-up call, and could see new laws to improve corporate governance introduced.
The financial sector's contribution to the Swiss economy has also slipped, falling to 8.9% of Swiss GDP in 2022 from 9.9% in 2002 as industries like pharmaceuticals became more important in a country with the third highest GDP per capita in the world, according to IMF data.BAK Economics, a Swiss research institute, said the fallout from the debacle would be contained within the banking sector.
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