When one player is absorbed, the musical chairs are being rearranged and that creates opportunities," said Enna Pariset.

After collapsing of Swiss Giant CS. (Credit Suisse) Attractive opportunities arise for other global financial players.

Reuters says

France BNP Paribas, Germany's Giant, Deutsche, US Lenders Citi and Bank of America are among those increasing staffing and courting smaller companies that form the bedrock of the Swiss economy.

Anna Pariset who heads of BNP Paribas Swiss operations, says

"When one player is absorbed, the musical chairs are being rearranged and that creates opportunities,"

She says,

"Sometimes you're lucky."

From the clients perspective

Nicola Tettamanti, president of Swissmechanic, which represents small and medium-sized industrial companies in Switzerland, welcomed the moves by foreign banks, although he said the benefits might take some time to filter down.

""As a fan of competition I am quite comfortable with more players in the market, which will lead to improved services and better prices," he told Reuters."

"I think they will focus on the big companies first, but the smaller companies will eventually see the benefits after the banks have built up their business," added Tettamanti, who also wanted Swiss banks to do well abroad.

"We managed both to win new business and increase our business volumes with existing customers,"

Veronique Voser, Head of unit of Germany Switzland and Austria, said, pointing to double-digit revenue growth in 2022 and 2023.

"In terms of the loans financing, I've seen instances where competitors have been increasing pricing and the clients have asked us to step in as an alternative", said BNP's Anna Pariset.

"Brooke Wachtel, Bank of America's head of corporate banking in Switzerland, said the window of opportunity was closing. "Corporates are seeking new banking partners and are expected to fill this gap within the next 12 to 18 months," she said."

SOURCE:

https://www.reuters.com/business/finance/foreign-banks-target-switzerland-after-ubs-takeover-credit-suisse-2024-06-24/

Comments

The Cracks Are No Longer Hairline

For decades, Washington treated support for Israel as something beyond debate. It was political scripture. Republicans defended it. Democrats defended it. Presidents came and went, wars came and went, thousands died, settlements expanded, Gaza burned, and the checks kept arriving. Questioning the arrangement was once political suicide. Now the walls are cracking. This week, more than half of House Democrats either voted to end U.S. aid to Israel or refused to oppose doing so. The amendment failed, but something far more important succeeded. The illusion collapsed. For years, American politicians insisted that criticism of Israeli government policy belonged only to "the fringe." Apparently the fringe has become half the Democratic caucus. History has an unusual sense of humor. The same establishment that spent years dismissing students, academics, humanitarian workers, doctors, journalists, and millions of protesters as naïve, radical, or antisemitic now finds itself strugglin...

When the Soup Kitchens Begin to Die

There is a special kind of cruelty in watching not only a society collapse, but also the last institutions keeping it alive. For nearly three years, Gaza's humanitarian lifeline has increasingly been reduced to a queue for a single meal. Parents no longer ask their children what they would like to eat. They ask whether there will be anything to eat at all. Childhood has become measured not in birthdays, classrooms, or family gatherings, but in ration lines, empty cooking pots, and the uncertain arrival of humanitarian assistance. Now even those fragile lifelines are disappearing. The gradual closure and scaling back of World Central Kitchen (WCK) operations reflects a convergence of financial pressures, operational insecurity, and restrictions affecting humanitarian access. According to World Central Kitchen and the Israeli human rights organization B'Tselem, kitchens that once produced approximately one million meals each day have been progressively reduced, leaving only a han...

Blood on Every Flag: The Global Architecture of Gaza’s Genocide.

“This Is Not Just Israel’s War — It’s the West’s Genocide Too” “I think it is without doubt that Israel has committed war crimes.” — Matthew Miller , Former U.S. State Department Spokesperson ( source ) This rare moment of candor from a former U.S. official pierces through the fog of political posturing. But let’s be clear: It is not only Israel that has committed war crimes. It is the United States . It is the United Kingdom. It is Germany . It is France . These nations — and their allies — are not merely complicit. They are co-perpetrators of a genocide. 🇺🇸 United States: Chief Financier of Bloodshed $14+ billion in emergency military aid approved for Israel since October 2023 ( source ) 4 vetoes at the UN Security Council blocking ceasefire resolutions ( source ) Full diplomatic cover , even after Israel bombed aid convoys and hospitals “We stand with Israel. Full stop.” — President Joe Biden , October 2023 ( source ) 🇬🇧 United Kingdom: Arming At...

Morgan Stanley's ex-terrorism specialist ( Valentina Soria) joins UBS in London

by Alex McMurray "(Valentina) Soria, an Italian based in London, joins UBS as its global head of cyber threat intelligence and adversarial threat modelling. She was at Morgan Stanley for six and a half years, starting as the EMEA cyber threat intelligence lead and rising to head of global threat intelligence. Prior to that she was head of intelligence at the Bank of England. She leaves at a tumultuous time for the US bank as other senior London officials are reportedly included in its 3000 person job cuts." SOURCE: https://www.efinancialcareers.com/news/2023/05/morgan-stanley-ubs-intelligence

Deutsche Bank's AML Failures: A Case Study in Regulatory Enforcement

German regulator BaFin has withdrawn its special monitor from Deutsche Bank, initially installed due to unresolved money-laundering control deficiencies . This monitor had been in place since 2018 , with its mandate extended to October 2024 earlier this year, threatening fines if improvements weren't made . Deutsche Bank, Germany's largest bank, acknowledged its compliance issues and stated it was cooperating with regulators . However, another monitor remains active , overseeing the bank's consumer service issues at its Postbank unit. Neither BaFin nor Deutsche Bank commented on the withdrawal report Part I Federal Financial Supervisory Authority of Germany. What were the specific deficiencies in Deutsche Bank's money-laundering controls? Deutsche Bank has faced significant deficiencies in its anti-money laundering (AML) controls , primarily highlighted by: - Inadequate Customer Due Diligence: The bank failed to perform sufficient due diligence on customer...

Ainnbeen

Search This Blog