Banking battles.

Fonction News

A global survey of private banks by the financial services group, PricewaterhouseCoopers (PwC), revealed that in addition to regulatory assaults on banking secrecy, Switzerland's private banks face surging global competition and a growing number of wealthy investors unhappy with average returns.

Private banking clients are not happy. Bruce Weatherill, a private banking expert at PwC ,says, "They (clients) aren't feeling very. good about the investment community." He said the issues raising concern were what really is happening to their wealth, and confidentiality and tax amnesties.

The survey, which covered over 70 countries, found most private banks were counting on seeing annual growth of between five and 10 per cent in coming years.

However, with many banks...

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