INVESTMENT SOLUTIONS & PRODUCTS Swiss Economics / Public Affairs and Policy / Investment Solutions Swiss Financial Center 2018 M ay 2018 From crisis to growth Review Thematic focus Pension provision in the context of social change A challenging decade Regulatory environment Swiss pension sys- continuing to change tem in upheaval Page 6 Page 14 Page 21 Publishing information Publisher: Public Affairs and Policy Oliver Adler Chief Economist Switzerland
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[email protected] Copy deadline 29 March 2018 Copyright The publication may be quoted provided that it is cited as the source. Copyright © 2018 Credit Suisse Group AG and/or affiliated companies. All rights reserved. Authors Maxime Botteron Markus Stierli Urs Reich Contributors Elena Scherrer Florian Klemm Karolina Marszalkowska Rocco Baldinger Sarah Fuchs Sascha Jucker Credit Suisse | May 2018 2 Swiss Financial Center Contents Foreward 4 Summary of recommendations by stakeholder group 5 Review: A challenging decade 6 Since the financial crisis, the Swiss financial center has been confronted with multiple challenges that have weighed on the value creation of most sub-sectors. However, the transformation of the sector has progressed a long way. Focus on insurers 9 Outlook: Back to moderate growth 10 Barring a renewed economic crisis, most areas of banking are likely to return to a growth mode. Still, low interest rates and moderate growth in Switzerland and neighboring Europe is likely to limit bank revenues. Economic developments in the USA and emerging markets growth will continue to drive internationally oriented banks.