Ten years after the financial crisis, the most influential group of Swiss bankers presents itself as cleansed of past sins. finews.com takes the temperature at the annual Swiss banking day.
The contrast could not be greater: if the annual Swiss bankers day used to spare no expense in an elite assembly primarily for self-aggrandizement, the event today presents itself as with a newfound modesty and the declaration to break with old habits, set new accents, and to learn – including from outside the industry.
At least that's how Herbert Scheidt, head of the Swiss Bankers Association since last year, presented the annual confab in Geneva's Maison de la Paix. Ten years after the financial crisis, Scheidt advocated for circumspect thinking in a time of «fragmentation and disintegration».
«You Can't Program Trust»
Against the backdrop of technology about to roil the finance industry, the lobby emphasized that its most valuable asset – trust – can't be programmed. The industry's desire to break with its pale, male, and stale past in favor of a multicultural, diverse image which relaxes social convention and embraces technology.
Scheidt, who has drawn criticism in his inaugural year, emphasized that banks today want to learn, from outside the industry. This represents a departure from the past, when Swiss bankers were more self-involved and insular. A speech held by Patrick Aebischer, the president of Lausanne's technical university until 2016, was intended to exemplify this new openness.
Tech and Other Influencers
The longstanding educator underscored the importance of Switzerland academically, and argued for Swiss banking to better engage the intellectual capital to advance the alpine nation standing internationally.
A panel discussion with representatives (pictured above) of Nestlé and Nespresso, flavors and scents manufacturer Firmenich, newspaper Tribune de Genève and Seco, the government's arm for labor and economic affairs emphasized that Swiss banking is done navel-gazing.
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