Herbert J. Scheidt, the new president oft he Swiss Bankers Association, remains optimistic despite the consolidation within the industry that he expects to continue.
«The number of banks will continue to decline,» Herbert J. Scheidt, the new president of the Swiss Bankers Association (SBA), said in an interview with «Le Temps» (behind paywall).
Scheidt last week was elected as president of the association, which is the main lobby group for an industry that has been under pressure for years and increasingly so after Switzerland all but gave up its banking secrecy laws.
«Structural Adjustments to Continue»
Declining margins, rising costs, regulation, digitization and negative rates all affect the members of the association. «Structural adjustments therefore will continue,» Scheidt said.
Apart from being in charge of the SBA, Scheidt is also the president of Bank Vontobel, a Zurich-based private bank. Vontobel so far has profited from the consolidation within the industry, having bought Finter Bank at the end of last year and Raiffeisen unit Vescore, a takeover expected to be concluded in coming days.
Employment Level Cause for Optimism
With mergers and acquisitions in full swing, employment has remained almost unchanged in the decade from 2006 through 2015. Scheidt said the stability in employment in the financial industry was remarkable and cause for optimism.
