ZURICH. As the National Council’s economics committee opens hearings on the Lex UBS, the staff association says a relocation, sale or merger could empty a third of the bank’s Swiss desks, on top of the Credit Suisse cuts already under way. The figures arrive at a delicate moment for policymakers weighing a strong franc against a cooling global economy.
Cantonal economies diverge along the same lines as their industries. The pharmaceuticals corridor around Basel continues to outperform; traditional machinery regions are catching up.
The outlook for the rest of the year depends on factors no Swiss government controls: energy prices, global demand and the appetite of the country's largest trading partners.
The strong franc remains the background condition of every boardroom conversation in the country. Exporters have adapted by moving upmarket; not all have succeeded.
The National Bank declined to comment on the specific figures. Its next assessment is due in September, and markets expect it to hold course.
Cantonal economies diverge along the same lines as their industries. The pharmaceuticals corridor around Basel continues to outperform; traditional machinery regions are catching up.