HOW DID THE FINANCIAL CRISIS IMPACT THE IMAGE OF SWISS BANKING Research Paper

HOW DID THE FINANCIAL CRISIS IMPACT THE IMAGE OF SWISS BANKING - Research Paper Example Currently, the financial uncertainty in the zone of the euro is an intensive importance to the Swiss banking sector. While the banking system cannot influence improvements in the area of euro, they can react in a resolute and systematically to reduce the negative reputation of the nation, (International Labor Office, 2011). Swiss banking systems are distinguished by their privacy, stability and preservation of their assets and key information. The Swiss banking sector has earned a global reputation for offering advanced and prudent private banking services. In fact, all the banks must be approved by SFG (Swiss Federal government) via its banking revenue to conduct business. Approximately 5.9% of the workforce and more that 195 thousand workers are hired by the financial sector of Switzerland. Similarly, key Swiss banks hire thousands of staff globally. The Swiss financial department amounts a key subsidiary impact on other financial opportunities of the nation. Unfortunately, with the current financial upturn underway, the secrecy of the bank is crumbling. In fact, the private banking of Switzerland may never function as it used to function. This is because there is intensive pressure from the United States of America and the EU demanding worldwide automatic exchange of information. Yet the United States and England who control tax havens including Delaware and Cayman, should also take part in information exchange. Currently, lobbyists and Swiss bankers are unsure about the stability of their banks and economy in the near future. There is an anticipated fear of loss of jobs, shrinking salaries and wages and the various francs billions that are feared to flow out the banking system in the future years, to areas such as Delaware state of US and Singapore. This is expected to have inflicted negative impacts on the banking system. For instance, The Swiss