The departure of media “Spin Doctor” Peter Dietlmaier leaves a significant gap in managing external perceptions. This may seem like a minor detail, but it is indeed crucial.

Is the crypto-renaissance replacing the sustainability trend? Yes. Financial institutions have used “sustainability” as a marketing tool in recent years, allowing them to profile themselves as architects of a better world while making money. However, the world has not improved significantly during this time, shifting the priorities of bank customers. In the face of ongoing geopolitical conflicts, unclear interest rate developments, and fears of recession, saving, capital preservation, and the “home bonus” are now in the foreground. Most people currently have little understanding for the “extra mile of sustainability”.

In contrast, the acceptability of digital currency is likely to stabilize after the apparent end of the “crypto winter”, not least against the backdrop of increasing debt in many countries and declining trust in state institutions.

Will Thomas Jordan remain president of the Swiss National Bank for a long time? No. There are indications that Martin Schlegel will soon succeed Thomas Jordan as President of the Swiss National Bank (SNB). He has appeared as a spokesperson for the SNB in recent months, taking on an important role usually reserved for the president. Jordan has been chairing the SNB’s board of directors since April 2012 and has delivered a convincing performance during this time. With the provisional end of the interest rate hike cycle and the disappearance of uncertainty around CS, a new chapter has begun for the SNB, best expressed with a new president. A change also offers the chance that a woman will move up to the board of directors after Andréa Maechler’s departure.

Is the expansion of many Swiss financial institutions into the Middle East worthwhile? Yes. For about two years, numerous banks and asset managers have been flocking to the United Arab Emirates (UAE), specifically to Dubai and Abu Dhabi. The “business hub” in the desert is indispensable in the international competition of financial centers and has gained importance due to the Ukraine war, as the UAE has not imposed sanctions against Russia. Halfway between Europe and Asia, the hub is ideally located. Currently, probably nowhere else in the world is as much money being made as in Dubai and Abu Dhabi; all financial institutions not present there are missing out on enormous profits – assuming good compliance. Whether Dubai’s importance as a financial center can be maintained in the long term is another matter. As usual in the world of money, bubbles are everywhere that will burst at some point.

Is the Swiss Bankers Association still needed? No. Some have wondered where the umbrella organization of Swiss banks was when CS stumbled – and fell. Little to nothing came from the Swiss Bankers Association (SBVg). It can be argued that it is not the task of an association to comment publicly on individual members. However, the SBVg could have counteracted the reputational damage that CS has temporarily caused abroad, which is also its task, and should not have simply left this to UBS CEO Sergio Ermotti. The longer the umbrella organization does not get more involved in the various discussions and topics around the banking industry and the promotion of the financial center, the less it is needed – especially not in the existing dimensions.

Can the Swiss financial center maintain its leadership role as an offshore center? No. The Swiss financial center is not getting worse, but other centers are catching up, and the preferences and needs of the money aristocracy are shifting. This explains the gradually diminishing importance of Switzerland as an offshore hub as it has been for decades. The fact is that the “new” money is not primarily created in Switzerland or Europe, but in Asia, the USA, and the Middle East. For customers there, Switzerland as a “money safe” is no longer the first choice, but at best one of several alternatives. Against this background, the SBVg would do well to market Switzerland’s location qualities more aggressively abroad.

Will there be more women in top positions in banking in 2024? Yes.

This News Article was automatically generated by Bob the Bot (AI)

Information Details
Geography Middle East
Countries 🇨🇭 🇦🇪 🇺🇦 🇺🇸
Sentiment negative
Relevance Score 1
People Thomas Jordan, Sergio Ermotti, Peter Dietlmaier, Andréa Maechler, Martin Schlegel
Companies Vontobel, Schweizerischen Nationalbank, Credit Suisse, Bank Julius Bär, UBS
Currencies None
Securities None

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