Radical shakeup of Swiss private banks needed

Added 12th September 2017

Swiss private banks are failing to address rapidly declining profitability and are too focused on defensive measures to implement a radical transformation that will allow them to generate competitive advantage and sustainable growth, says KPMG.

Radical shakeup of Swiss private banks needed

“Nothing less than radical action” will reverse the decline in Swiss private banking, say report authors Philipp Rickert and Christian Hintermann. The KPMG pair conceded that progress to tackle underlying performance issues is being made by a small number of banks, but added that the step-by-step approach adopted by some “is insufficient”. With Switzerland committed to start exchanging information under the Common Reporting Standard in 2018,...

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