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Safety in Numbers: The Mysterious World of Swiss Banking
Book by Faith, Nicholas
368 pages, Hardcover
First published November 11, 1982
33 people want to read
About the author
Nicholas Faith
49 books15 followersNicholas Faith is a former senior editor for the Sunday Times and The Economist, a journalist and author.
He has written widely on wines, spirits and transport.
In 1996 he founded the International Spirits Challenge.
In September 2010 Nicholas Faith was the first recipient of the Lifetime Achievement Award given by the Bureau National Interprofessional de Cognac.
He has written widely on wines, spirits and transport.
In 1996 he founded the International Spirits Challenge.
In September 2010 Nicholas Faith was the first recipient of the Lifetime Achievement Award given by the Bureau National Interprofessional de Cognac.
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Displaying 1 of 1 review
March 2, 2021
This covers the Swiss banking industry from the 1920s until the seventies.
It explains how the banks of an insignificant alpine country have become such a force in global wealth management.
It's an interesting lesson in how a dedication to secrecy by the banks, backed up strongly by the Swiss Federal government, has resulted in their attracting deposits from all around the globe in huge volumes.
Clearly, a lot of this money has come from very dubious sources, but the banks have not been unregulated. The Swiss authorities have gone to great lengths to protect the Swiss customer, and depositor in Swiss domestic banks. They have been less assiduous with banks set up by others, to provide banking services to those outside Switzerland. The result is a very profitable industry, probably at the expense of some very poor overseas citizens. Can they be blamed for actually acting as though they believed in the inviolability of commercial contracts? I am not so sure.
Disclaimer: I once worked for a Swiss bank. I wish I'd read this book before joining it. I didn't have anything to do with banking clients whatsoever. I worked in the (much less profitable) sellside operation.
One thing you might want to consider is skipping the first few chapters. The book is written in chronological order, and really it isn't necessary to know about the early history of the banking sector to understand the latter chapters. I'd start on the chapter that deals with the "InterHandel" affair.
Sadly, Nick Faith, the author, passed away recently. It would be wonderful if someone could produce an updated edition of this book, which brings the story up to date. The banking industry has gone through many changes globally and, especially, in Switzerland.
It explains how the banks of an insignificant alpine country have become such a force in global wealth management.
It's an interesting lesson in how a dedication to secrecy by the banks, backed up strongly by the Swiss Federal government, has resulted in their attracting deposits from all around the globe in huge volumes.
Clearly, a lot of this money has come from very dubious sources, but the banks have not been unregulated. The Swiss authorities have gone to great lengths to protect the Swiss customer, and depositor in Swiss domestic banks. They have been less assiduous with banks set up by others, to provide banking services to those outside Switzerland. The result is a very profitable industry, probably at the expense of some very poor overseas citizens. Can they be blamed for actually acting as though they believed in the inviolability of commercial contracts? I am not so sure.
Disclaimer: I once worked for a Swiss bank. I wish I'd read this book before joining it. I didn't have anything to do with banking clients whatsoever. I worked in the (much less profitable) sellside operation.
One thing you might want to consider is skipping the first few chapters. The book is written in chronological order, and really it isn't necessary to know about the early history of the banking sector to understand the latter chapters. I'd start on the chapter that deals with the "InterHandel" affair.
Sadly, Nick Faith, the author, passed away recently. It would be wonderful if someone could produce an updated edition of this book, which brings the story up to date. The banking industry has gone through many changes globally and, especially, in Switzerland.
Displaying 1 of 1 review