Resilience in the storm
After an outstanding 2021 with record profits, many private banks were once again able to achieve good results in 2022 despite the unfavorable environment.
A strong increase in profit from the interest margin business compensated for the decline in both assets under management and the commission business in many cases.
In an interesting panel discussion, our experts Philipp Rickert, Head of Financial Services, together with Christian Hintermann, Partner, Financial Services, grilled three representatives of Swiss private banks about the following topics:
- Competitive pressure from neo-banks: How noticeable are these forces in the high-end segment?
- The eight largest private banks manage 80% of all assets. Are size and growth key factors in an increasingly complex and regulated environment?
- What were the most formative changes in the past and what trends will be important in private banking in the future?
A considerable rise in interest income compensated for the sharp decline in AuM and the commission business in many cases, leading to good results for many private banks despite the unfavorable conditions.
[from left to right]
Daniel Wittmer, Chairman of the Executive Committee of Privatbank Bellerive, as representative of the small banks
Philipp Rickenbacher, CEO Julius Baer, as representative of the “Big 8” banks
Philipp Rickert, Head of Financial Services, Member of the Executive Committee, KPMG Switzerland
Eric Syz, Founder and CEO Syz Group, as representative of the medium-sized banks
Christian Hintermann, Partner Financial Services, KPMG Switzerland
