Private banking in Switzerland set to shrink – BCG says

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Consolidation is sweeping the wealth management industry in Switzerland, with Boston Consulting Group warning the trend is set to continue even if the economy recovers quickly from the Covid-19 crisis. Managing Director Anna Zakrzewski says the number of Swiss private banks may drop as much as 20% over the next five years as they struggle to grow revenue and manage rising costs. But smaller private banks can survive the big squeeze if they differentiate their services and build partnerships to pool their capabilities.