Personal Finance

Up to 70 Swiss private banks fighting for survival: KPMG

ZURICH (Reuters) – Some 60 to 70 Swiss private banks are facing serious problems that could force them to close down or sell up, according to a study published on Thursday by consultancy KPMG.

Fighting diminishing profits caused by fierce competition and a global clampdown on tax evasion, these banks must work to cut costs and buy up competitors to reach adequate size.

But many of the affected banks will ultimately have to exit the market, the study concluded.

“I‘m convinced that at least half will disappear,” KPMG manager Christian Hintermann said, adding many of these banks were now maki…
Reuters: Money