USEUROPEAFRICAASIA 中文双语Français
Home / Mosaic

Switzerland 'too small' to accommodate bank 'refugees'

China Daily | Updated: 2009-12-22 08:00

Switzerland 'too small' to accommodate bank 'refugees'

GENEVA: Touted as a haven for London bankers facing heavier UK taxes, Geneva may lure fewer than predicted thanks to a housing shortage, crowded schools and a 44 percent income-tax rate.

Barclays Plc President Robert Diamond this month joined a chorus of financial leaders in arguing that the UK's 50 percent tax on bonuses would drive bankers away from London. The Swiss Private Bankers Association said the "arbitrary" tax will boost the allure of Geneva, whose bankers oversee about 10 percent of the world's foreign-held private wealth.

"It's a joke, it's lobbying," said Tim Dawson, an analyst at Geneva-based brokerage Helvea AG. "People are dreaming if they think the London investment banking world is going to move. There is more office space in Canary Wharf than in the whole of Switzerland," he said, referring to London's second financial district.

Switzerland 'too small' to accommodate bank 'refugees'

Today's Top News

Editor's picks

Most Viewed

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US