Mainstream media is catching up. Here is an article from Reuters noting that trust services will not be a growth industry in Switzerland. The quoted article tells you one place the business is going — Asia. (Hint: Swiss banks are really good at this “migrate to Asia” thing!) (And anyway, most banks are multinational, anyway; country branding is increasingly irrelevant IMO).
Reasons given for the slow fade:
All of those reasons were true last year, ten years ago, and fifty years ago. So what’s changed?
The reasons not given for the migration of business away from Switzerland:
Oh, FFS. Wake up, Reuters.
There are an enormous number of Very Smart Swiss Brains. They’ll keep busy for the rest of their lives. They won’t have much (or any!) U.S. business, because the United States is systematically making itself toxic for non-U.S. business and investment. Protectionism through non-tariff trade barriers (in the form of domestic tax enforcement attitudes) is the Policy du Jour in Washington, DC.
But the nominal base of operations will increasingly be elsewhere in the world. And you, like me, will start to see and work with highly efficient trust officers (frequently Swiss!) sitting in very un-Swiss locations.