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Old 19.11.2011, 14:30
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Re: UBS shrinks investment bank, halves risky assets

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I guess you meant "of"... but "from" is what I think we will see: Switzerland did not become big in banking cause their banks are so good or competitive. The country got big cause it offered stability which is something large parts of the world didn't have. So it's a great place for African dictators and 3rd world "businessmen" to store their money. On top of that was it always a great place to "optimize" your German taxes.

Asia on the other hand, especially the fast growing part, is stable. While they have a bucket of problems do I personally believe that even the PRC is more stable than the EU right now. I don't see why Asians would bring their money to Switzerland, the Swiss banks will (and do) have to come over here. And they will have to compete, something they aren't that used to. For the topic does that translate to more UBS and CS jobs in Asia in the future... not necessarily in Zurich.
Compete ? Depends on the sector. In many sectors they had to compete always, in others they had not to.

Jobs of Swiss banks in Asia will result in more jobs in Zürich, as always. And while you speak about Africa, Asia not only has been the emphasis of the Swiss economy for at least three decades but also of the Swiss banks.
Here the Asia map of UBS :
and here of CS :
which reveals that also CS is already heavily active in Asia

If you realize that Asian countries like China and India for years have been the most important "suppliers" of customers to the inbound-tourism and that Asian countries are the most important export markets of the Swiss economy, than you can see that a few African dictators are not of such a paramount importance. They get into the headlines as their moves are often shrouded in scandal and corruption.

The Arab World is different from Africa in so far as the Arab countries from Morocco to Oman are in a similar league than Asia.

And to keep the balance, the most important SINGLE country for the Swiss economy (not just the banking sector) still is the USA. That country may be in trouble, but still is THE heavyweight par-excellence

Last edited by Wollishofener; 19.11.2011 at 14:54.
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