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The Swiss financial center has been seen as a safe haven. Nonetheless, both in the 2007/08 global financial crisis and the developing 2023 crisis a large Swiss financial institution took center stage. What were the key learnings from the two events?
The Swiss financial center has been seen as a safe haven. Nonetheless, both in the 2007/08 global financial crisis and the developing 2023 crisis a large Swiss financial institution took center stage – UBS had to be bailed out 15 years ago, and Credit Suisse was the object of an «emergency rescue» a short while ago. What were the key learnings from the two events? How crisis-proof are the regulations that are in place both for very large institutions and for smaller institutions? What can we learn from other countries' approaches? What is changing with the ever faster technological development? We will discuss these matters with UZH Professor Christoph Basten, a scholar who has experience both from working at the Swiss Financial Market Supervisory Authority and from conducting research on banks and banking systems.
Prof. Christoph Basten is a Swiss-German Assistant Professor (fixed term) in the Department of Banking and Finance at the University of Zurich, and also affiliated with the Research Priority Program Financial Market Regulation, the Swiss Finance Institute (SFI), and CESifo. In September-December 2021, he was a Visiting Scholar at the NYU Stern School of Business. The main focus of his current research agenda is on «Cross-Selling» of banking products to existing banking clients. In work with Ragnar Juelsrud (Norges Bank) currently on R&R at the Review of Financial Studies, they show that existing depositors are 20% more likely to also borrow from the same bank in the coming years, significantly raising the value of the deposit franchise. They then explore amongst others implications for deposit pricing, loan pricing, monetary policy transmission and financial stability.
