Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

Better outlook for Swiss banks

Share this article

17:16 CEST+02:00

Ratings agency Moody's raised its appraisal of Swiss banks to stable from negative on Tuesday, citing improved earnings and a swift recovery of the Swiss economy.

"Profitability for the overall banking system has improved and is at a sustainable level," Moody's analyst Carola Schuler said.

Moody's said Switzerland was among the least affected countries in Europe by the global financial crisis and expected "continued solid economic growth" and low unemployment.

In addition, Moody's said that ongoing negotiations with key trading nations such as Germany and Britain to improve tax cooperation are positive for the banks as they "reduce some uncertainty over changes to banking secrecy rules."

Nevertheless, it cautioned that bank secrecy changes could weigh on Swiss private banks.

Get notified about breaking news on The Local

Share this article

Advertisement

From our sponsors

The Swedish university where students tackle real-world problems

Ranked among the world's best young universities in the QS Top 50 Under 50, Linköping University (LiU) uses innovative learning techniques that prepare its students to tackle the challenges of tomorrow.

Advertisement
Advertisement
Jobs
Click here to start your job search
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement