Credit Suisse takeover a major blow for Swiss reputation, Sparring Partners CEO says

I think the whole banking system, the bankers have to be humble. And they should not predict any ultimate close. They have to read in their homework, go in depth in terms of compliance, in terms of governance, in terms of this clear strategy. And they have to be more controlled. Bankers would just gamble with the money to be very clear. And after the quarter of this year, there was so much money in the markets, and they were taking advantage of it. And I think there has to be more control.

We don't need a big bank, Colossal, which is growing tremendously and gambling in the markets. We need confidence, we need stability. Everybody in the market. And we know about the contagion effects in me and the other markets. UBS is about the struggle of the future. It will affect the whole global economy, financial services and services. Absolutely.

They simply have created a monster bank now that will be really too big to fail in so many senses. I just want to ask you what future you see for the Swiss banking sector as a whole and its place within the international community. Many people are saying that because of some of the decisions that the regulator took, particularly say with the write down of 81, that came as a bit of surprise to the investment community, that it somehow jeopardizes the Swiss market as a financial center going forward. Because people don't really trust the regulator's decision making. It's really harming. And also the loss of the banking secrecy. It's now basically an offshore banking which doesn't exist anymore.

Swiss bankers, Swiss players, among other players, there is no true differentiation. Why bank with a Swiss bank? It's expensive here. The loss of credibility, loss of stability and the loss of confidence. Swiss banks have to reinvent themselves completely, the whole industry. And this means going into new markets, digitalization and also the next generation of G&C and Y, they have different expectations. We're talking about sustainability, ESG criteria and so forth. I think this has to be taken into consideration and not just depend on what Switzerland is offering in terms of stability, but this is gone.

Of course the state is very strong. We have legal security and so forth, but I think there has to be a new strategy for the whole financial place.

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