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Thousands of Swiss bank jobs in peril: report

Lyssandra Sears · 1 Jun 2012, 11:50

Published: 01 Jun 2012 11:57 GMT+02:00
Updated: 01 Jun 2012 11:50 GMT+02:00

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More than 15,000 jobs may have to be cut to compensate losses sustained by the Swiss private banking sector, Boston Consulting Group has predicted.

The BCG has calculated that the Swiss banking industry needs to save some 3.9 billion francs ($4.01 billion) prior to 2014 in order to remain healthy, newspaper Tages Anzeiger reported.

This amount is the equivalent of 15,500 full-time positions, Matthias Naumann, head of BCG Switzerland, told the newspaper.

BCG believes that a approximately 14 percent of the assets currently held in Switzerland will be taken out of the country as a result of the implementation of the new tax treaties with the United Kingdom, Austria and Germany. Revenues are also estimated to shrink by as much as 46 percent.

Switzerland is credited with housing some 44 percent of the world’s offshore assets, which in total are estimated at around 2 trillion francs ($2.05 trillion). BCG estimates, following the introduction of these treaties, that the country will lose about 28 percent of its holdings and lose up to half of the income currently earned from Western European clients.

Although new income is being generated from the Asian and Latin American super-rich, these amounts are still nowhere near sufficient to compensate for the loss from the Western European clients.

The report also showed that profit margins in private banking were on the decline, reflecting the increasing difficulties faced by the banks in keeping their businesses profitable.

Lyssandra Sears (news@thelocal.ch)

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2012-06-03 20:29:19 by stonewall jack
Update . June 3rd.. - 2012. The following sent to ----312 Lords.------- House of Lords.( inc. Lord Myners.) The following sent to ----649.M.P’s--------House of Commons. Full story plus all documentation sent to 640.M.P’s ------- House of Commons. 460. Lords.-------House Of Lords. BANK - PARTNERS IN CRIMES. Pictet & Cie Bank. Ivan Pictet. Nicolas Pictet. Charles Pictet. Jacques de Saussure. Jean – Francois Demole. Renaud de Planta. Philippe Bertherat.. Pictet & Cie.- claim they are the “Rolls Royce”of Swiss banks. Swiss Banks or more correctly Swizz banks. Swizz. ---- “ a great disappointment.” or a “ fraud.” Fraud. ---“ an intentional deception or dishonesty.”— “a crime.” Crime. ---“ an act committed or omitted in violation of a law.” Serious Crimes . Conspiring to pervert the Course of Justice. Perverting the Course of Justice. Contempt of Court. Pictet & Cie Bank –Partners –(1996—2012 )- guilty. Peters &Peters – Partners.— (1999---2012 )- guilty. The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement . Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael .Q.C.–and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine. British Parliament. Hansard .29th March 2007. Barry Sheerman .M.P.—quote. ---------“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie - - a French Bank - - and Pictet Asset Management to back the fraud being perpetrated.”” (1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. ( Money Laundering.) (2) It is a criminal offence for a bank to lie to the police and the bankrupts trustee in bankruptcy in so far as any knowledge of, or dealings with the bank was refuted . (3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery .
2012-06-01 13:43:29 by smeghead
It's bound to happen in a industry that does not really produce much.
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