Analyzing the performances of 85 of Switzerland’s 114 private banks produces a bleak picture. Almost every key performance indicator (KPI) deteriorated in 2016 – sometimes significantly. The vast majority of banks have not taken the action needed to reverse their decline.
In times of international tax transparency, being tax compliant has become more relevant than ever before. Consequently banks are focusing on tax reporting for individual clients. KPMG’s latest survey analyses how Swiss private banks answer the demand for tax reports requested by their foreign private clients.
Swiss private banks have been on the defensive for a decade. We think the time has come to go on offense through commercially-driven transformation. By focusing on their strengths, and partnering for their non-core activities, Swiss private banks have a real opportunity to maximize value and grow again.