Bank of America has expanded its banking team in Switzerland, acknowledging the potential to increase market share following the recent changes in the Swiss banking sector after Credit Suisse's collapse. Switzerland has committed to enforcing stricter banking regulations in response to Credit Suisse's downfall in 2023, which led to its acquisition by UBS. The focus of the reforms is to prevent future crises.
During a conference, Bank of America's CEO Brian Moynihan mentioned that they swiftly augmented their team in response to the turmoil in Switzerland. Although the exact number of bankers in Switzerland was not disclosed, Moynihan previously indicated the bank's intention to cater to Swiss businesses of all sizes, as stated in an interview with Neue Zürcher Zeitung.
Foreign banks like BNP Paribas, Deutsche Bank, and Citigroup are also expanding their workforce and targeting smaller Swiss companies, crucial for the country's economy.
Switzerland aims to implement stricter capital requirements for UBS and its main competitors - PostFinance, Raiffeisen, and Zürcher Kantonalbank.
In December, UBS CEO Sergio Ermotti emphasized the need for stringent regulations to ensure fair competition. He mentioned on Monday that he is not anticipating further changes in the industry.
The international division of Bank of America, including Merrill Lynch International, is under the leadership of Bernard Mensah.