Equipped with the most advance techniques of processing and communicating information, Swiss bankers are successful in meeting the target daily for proving beneficial services to their clients. Investors from all over the world recognize Swiss banking as one of the most efficient banking system in the world. Swiss law is responsible for assigning concern to safeguard the freedom of the individual. This guideline is the expression of reflective and thoughtful sense of what is right and is the foundation stone of the country’s entire legal order under its long established federal constitution.
All Swiss and foreign citizens are considered to be equal in front of the law. Those who do business with Swiss bank thus benefit from the legitimate protection on their personal assets. However, money owned by criminals or money that is being used to support terrorist campaigns have no protection. The duties and responsibilities of Swiss banks are laid down in the actions and behavior of Swiss bankers. Safeguarding the identity of the customer is very important and that is why the accounts in Switzerland banks are identified by numbers only.
The numbered accounts are simply an enhanced means of security in preserving the clients justified entitlement to discretion. The bank confidentiality in Switzerland is a right and obligation which every bank worker is legally required to fulfill (Johnston, 2006). Also, anyone can become a banker in Switzerland. The only thing that matters in this profession is professional performance. A detailed and demanding system of initial and permanent training organizes the ground for the internationally recognized professional standards of Switzerland’s banks.
Although, Swiss ministers and financiers are struggling hard to reassure markets and citizens there is no banking crisis, UBS stumbles after it lost billions of dollars in subprime exposure. UBS is the country’s biggest bank and was considered to be safe with reliable investments, now it has the doubtful distinction of being the world’s largest subprime loser after fresh total damages of $37. 4 billion. Switzerland banking sector is considered to be the most stable and secretive system, however it is now under intense scrutiny and undergoing serious soul searching after UBS and Credit Suisse got caught in the sub prime crisis.
The country’s second biggest bank Credit Suisse also faces the same crises. A speech made by the Swiss National’s Bank centenary, Jean Pierre Roth advised the government to rethink the business governance and fortifying the rules to maintain Switzerland’s reputation as the top financial center (value chain of starbucks, 2006). He further said that the financial center of Switzerland is vast and diverse because it includes international banks and has spotless reputation.
Politicians and senior banking officials also stress that the problems faced by the two banks are not suggestive of broader dissatisfaction affecting the whole financial system of Switzerland. Credit Suisse has also been suffering loses and it has been found out that some of its traders are getting involved in intentional misconduct. Statements made by officials reveal that there has been decline in the robustness of the two major banks but at the same time they are thinking to introduce new policies to stabilize the banking crises of Switzerland.
