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Article: Saving in a time of trouble gives cushion to Swiss
- Article from:
- AP Worldstream
- Article date:
- October 12, 2008
- Author:
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Global financial turmoil has shaken Switzerland's two biggest banks, but fast reaction and the country's traditions as a safe haven for savings may be giving the Alpine redoubt special protection from crisis.
The multibillion-dollar losses incurred by UBS AG and Credit Suisse Group over the past year have pointed up their vulnerability to the same afflictions faced by other major international banks. But the 328 other Swiss banks specializing in the nation's famed wealth management and other cautious approaches to investing appear relatively unfazed.
"If you look around Europe at the moment everybody's got their steel helmets on as the scaffolding's crumbling down, and ...