Follow the Money
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“If you can’t trust a Swiss banker, then what’s the world come to?”
— James Bond, The World Is Not Enough
Swiss banking has been through a major strategic refit over the past ten years. It initially grew beyond its borders by exploiting several advantages its home base had to offer – secrecy and stability. The problem is that since the 1990s, political stability has ceased being a differentiating factor, as the world has generally become more stable; and since the 2000s, bank secrecy has come under sustained pressure from countries looking to shore up their tax receipts.
But Swiss banking may now be back on track and its recovery is a lesson in how to redesign a customer proposition. This week, UBS – the largest Swiss bank – reported earnings for 2021. It remains the world’s largest wealth manager…