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Swiss offshore banking margins more vulnerable than volumes

November 10, 2009

Analysis of:Swiss Banks Lose European Clients | online.wsj.com

The global clampdown on offshore banking is having a tangible impact, particularly in Europe. But probably not to the extent that some have argued: offshore banking is not dead. Yes, weak and volatile economies fuel governments' need for every last cent in tax; they also represent one of the fundamental demand drivers of offshore banking. At least initially, the biggest impact is likely to felt through margin -- rather than volume -- reductions.

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