Swiss private banks are disillusioned
about banking secrecy, increasingly sceptical about new regulation
and are feeling squeezed by increasing competition, Ernst and
Young’s Bank Barometer 2012 has
revealed.
The poll found 65% of
respondents (compared to 47% last year) anticipate a further wave
of consolidation in the Swiss banking industry. This was
particularly the case among private banks.
Go deeper with GlobalData
Tax euphoria
evaporated
The research also found
that the euphoria surrounding the tax treaties in the 2011 survey
has largely disappeared amongst private banks.
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By GlobalDataIn 2011, 85% of private
banks viewed the treaties as positive or somewhat positive for
Switzerland as a banking centre.
In contrast, only 32%
maintain this positive assessment in 2012 with 69% of the banks
viewing the treaties as negative or somewhat negative.
Scepticism about
regulatory environment
Banks included in the
study also had a negative outlook concerning the regulatory
environment for banks.
Last year 50% of banks
considered increasing regulation to be at least somewhat positive
for the economy, while the current survey showed that 66% now think
that it will have a negative effect.
The figures produced by
Ernst and Young are based on a survey of 120 executives of various
banks throughout Switzerland, not including the major
banks.
The survey sample breaks
down into 35% private banks, 15%, foreign banks, 35% regional banks
and 15% cantonal banks.
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