12/9/2023 0 Comments Julius baer internationalThe executive backed a public liquidity backstop to support banks where clients suddenly withdrew huge amounts of funds - which was the immediate cause for the fall of Credit Suisse. Still, there needed to be some changes to regulations to protect banks in an era when social media made bank runs more likely and more devastating. we can defend and extend on that position." "We have a few close competitors behind, but if Switzerland runs fast enough, I believe. ![]() I think this is the foundation to be the preeminent number one financial place for cross border wealth management," he told the event. "The strength of the Swiss banks, of the Swiss economy, of the Swiss political system. While Credit Suisse's demise came as a shock to the financial community the way Switzerland managed to resolve the problem without any disruption to the market has shown its strength as a financial marketplace. But Hong Kong and Singapore are catching up. Switzerland is still the world's number one location for offshore wealth, with $2.4 trillion under management in 2022, according to estimates from Boston Consulting Group. He also said he expected Switzerland to defend its position as the global leader for offshore wealth management despite having to deal with the fallout from Credit Suisse's collapse and its rescue by UBS (UBSG.S). ![]() ![]() Asked whether the bank planned any large investments to grow its onshore business in China, he said: "No, not from our side."
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