Sunday, 22nd November 2009

 

2 December 2008 - Press Briefing

Julius Baer heir warns of Swiss vulnerability to global shocks

Michael Baer, the great-grandson of Julius Baer, founder of the largest independent wealth management firm in Switzerland, has warned that his country could be vulnerable to the global economic slowdown, according to a report in The International Herald Tribune.

"The Swiss model of isolationism is not an advantage" in the current environment, Baer said, adding that the Alpine nation is “absolutely not immune to global developments, especially not as regards the financial crisis and the economy".

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Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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