Hot Spots 2023: War, Economics and Interest Rates: These are the themes that will keep the financial industry occupied in 2023. 2023outlook interestrates economy
Crisis-ridden Credit Suisse is likely to remain one of the dominant topics in the Swiss financial industry in the new year. By the end of 2022, the Swiss bank will have tackled the first phase of its planned job cuts, which are to be completed by 2025. In addition to personnel, there is the separation of investment banking where there are still several unanswered questions.
At its new corporate strategy presentation at the end of October, management made it clear 2023 will be another transitional year and it is too much to expect a turnaround. It remains to be seen whether progress will be made in the new year on one of the most difficult points in the implementation of the «New Credit Suisse»: the establishment of a new corporate culture.UBS and Credit Suisse are threatened with an increase in prescribed capital buffers by the end of the year.
In times of asset distress, the long holding period of private equity investments was accepted because of the higher yield, but it is now becoming more difficult to generate alpha. Moreover, managers have mostly managed to ride out comparatively short downturns and lower valuations in the past. Previously when they had to account for the loss in value on their books, a recovery was already underway.
Many small firms have sought not to license and will go out of business. Alternatively, they may change their business model to avoid the licensing requirement. Rising costs for risk and compliance and the administrative burden will encourage takeovers and mergers, it is expected.Client money flowing into sustainability, climate, or impact funds has been on the rise for years. In Switzerland, self-regulation is the path when it comes to standards.
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