Swiss Banking During Financial Globalisation (1970s–2008)

Nils Herger
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Nils Herger: Study Center Gerzensee

Chapter Chapter 8 in Switzerland and its Banks, 2023, pp 119-137 from Springer

Abstract: Abstract The collapse of the Bretton Woods System during the early 1970s paved the way for an era of globalised cross-border trade and payments. This globalisation was associated with profound restructuring, consolidations, and regulatory changes. In addition, for Switzerland’s banks, the integrity of their international business was undermined by a series of scandals, which revealed the urgent need for tighter regulations to combat money laundering and tax evasion. Moreover, a wave of mergers and acquisitions during the 1990s occurred among the big banks reducing their number from five to two, that is, Credit Suisse and UBS. Switzerland managed to retain its position as a leading offshore centre for wealth management and head-office location for several multinational banks during this era characterised by a financial globalisation.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:frochp:978-3-031-35904-0_8

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DOI: 10.1007/978-3-031-35904-0_8

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