k-flash audio commentIs Switzerland having an "identity crisis"?
k-flash audio commentIs Switzerland having an "identity crisis"?

The case

At the occasion of a global investment conference in Hong Kong today, UBS Group AG chairman Colm Kelleher told attendees that Switzerland is facing an “identity crisis” when it comes to its role in global banking.

Source: Reuters

The commentary

Kelleher warned that the nation that, for a long time, has been the home to a dominant wealth-management industry, is now under serious pressure from rival market places such as Hong Kong and Singapore. At the same time he pointed out that Switzerland’s pharmaceutical sector is being hollowed out amid difficult tariff negotiations, raising even more questions about the country’s economic strategy.

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Santander Chief Ana Botin warns against overregulation in Europe: “Speaking at the International Banking Conference in Madrid today, Ana Botín, Executive Chair of Banco Santander, cautioned that excessive regulation in Europe threatens economic growth. “Regulation kills innovation … We must recognise that without intervention – and without companies prepared to innovate – we will not grow,” she said. (Reuters)

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