(Replying to PARENT post)

Does Switzerland have any future? It's no longer a bank haven for rich Europeans evading taxes nor 3rd world dictators, its banks don't show entrepreneurial spirit in finding and investing into high-potential startups, rather to well-connected wantrepreneurs, there are no easy money to be made in Eastern Europe/Russia any longer, and its conservatism is likely going to prevent them from making necessary changes until the decline is felt in upper strata of society.
👤bitL🕑6y🔼0🗨️0

(Replying to PARENT post)

Switzerland’s attractiveness was always more than its heavily advertised banking secrecy laws.

Before I answer you, did you know that neighboring Austria’s banking secrecy was just as strong and is still very strong for Austrian citizens? Does Austria have a future? Silly question you might conclude.

Switzerland’s attractiveness is in its confederate structure, the national government is still extremely small and the states (cantons) administer regulations on any entrepreneur’s behalf and itnis applicable law in all Swiss states barring any conflict. But the general lack of conflict comes from Switzerland being sparsely population, nothing is happening! So, the fintech sector in the state of Zug pays just as much as Silicon Valley except with the lowest state taxes and no federal income tax. All because a couple people asked the financial regulator in Zug (population 100,000) to accept some useful laws.

You get the whole brand of Switzerland and its sovereignty from a tiny state agreeing with you. Shop around!

Being an EFTA member but non-EU and non-Eurozone allows it to experiment more dramatically without pushback from Brussels.

The mixture of cultures in Switzerland smoothes out some of the quirks of the monocultures in its neighboring countries

👤rolltiide🕑6y🔼0🗨️0

(Replying to PARENT post)

Switzerland has some of the largest corporations in the world in the pharmaceutical industry, and they're by far leaders in the watchmaking industry. Banking isn't the only business they rely on.
👤elorant🕑6y🔼0🗨️0

(Replying to PARENT post)

You’re just showing that you’re not judging on information but on a hinch of what Switzerland is to you.

1) Very conservative and risk-averse population, yes, but also really open to technological innovation

2) Best universities in mainland Europe

3) High profile mutlinationals having their headquarters there

This could go on and on ...

👤euroPoor🕑6y🔼0🗨️0

(Replying to PARENT post)

I would agree with your sentiment if you change your first sentence to "Do swiss banks have any future?"

Switzerland definitely does.

👤folli🕑6y🔼0🗨️0

(Replying to PARENT post)

Absolutely, world-class universities (not just one), highly educated workforce, top rankings everywhere, largest companies in the world, high-tech companies etc. It's just that other countries narrowed the gap. 30 years ago, many countries in the world were poor and backward. They narrowed the gap to Switzerland. It's natural that Switzerland doesn't have the same wide lead anymore. But that's a good thing (for Switzerland and the rest of the world).
👤abc03🕑6y🔼0🗨️0

(Replying to PARENT post)

Switzerland has more than just banking IIRC. Much more.

For example, many tech companies put offices there, and choose to host servers to be both out of US and EU jurisdiction.

You will not be allowed to do illegal things, but there's less worry about things like FISA abuse

https://theintercept.com/2019/10/10/fbi-nsa-mass-surveillanc...

👤dontbenebby🕑6y🔼0🗨️0

(Replying to PARENT post)

Long term, I'm not sure. But short term I think they have a very very nice future for themselves.

The biggest problem the Swiss have is that everywhere else seems really dirty in comparison.

👤xhgdvjky🕑6y🔼0🗨️0

(Replying to PARENT post)

Well, if you have a very large capital, and you don't do anything risky with it, it's going to work for it's own growth. You don't need to be very smart or inventive.
👤deepsun🕑6y🔼0🗨️0

(Replying to PARENT post)

Nestle -- the largest food company in the world (according to Wikipedia) -- is Swiss.
👤mixon🕑6y🔼0🗨️0