CEO of Swiss bank at Davos: “in five years bank secrecy will be irrelevant”

The Swiss Tages Anzeiger reports on an “Open Forum” at Davos during which Boris Collardi, the CEO of Swiss bank Julius Bär, said that “in five years bank secrecy will be irrelevant”. The Open Forum is an event at which the World Economic Forum gets closer to “the people” – in this case mostly pensioners and schoolchildren – and panelists take questions.

Collardi also said “We must not think that without bank secrecy, nothing will work anymore” and that “Switzerland has often been under pressure in the past and has always found good solutions”.

The Tages Anzeiger notes that Julius Bär manages the wealth of rich people in many countries around the world, and that the fact that Swiss banking secrecy continues to be “rock hard” for most of those countries went unmentioned at the Open Forum event.

The article concludes: “after all the fat years of bank secrecy, the Swiss financial elite has mastered one artform above all others: the self-compliment”.

The full article is here (in German – translation with help from google).

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s