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Are You Worred About The Future? Swiss Banks Share Your Pain!

Ever worried about what 2010 holds in store for you?

Swiss private banks are feeling the same..according to a survey conducted by Geneve Place Financiere, a body representing Swiss financial firms.

Solitary Swiss banks feel the pain

Relaxation of bank secrecy, less enthusiastic European and US investors, and OECD bullying have contributed to a gloomier than usual outlook for next year.

“The dominant sentiment coming from this survey on the present and future of the financial centre is mitigated, even pessimistic,” said Ivan Pictet, the group’s president.

The Swiss also have reason to feel sorry for themselves - they say the financial crisis was not their doing, but the fault of larger European neighbours and the US.
”The Swiss financial centre has been the victim”, said Pictet, who is also senior partner of a large swiss private bank.

Survey participants indicated that short-term prospects would not improve in any private banking sector, but drew hope from increasing numbers of Middle-Eastern and Russian depositors.