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Inside Pictet, the Secretive Swiss Bank for the World’s Richest People
Article

Inside Pictet, the Secretive Swiss Bank for the World’s Richest People

A 215-year-old firm rooted firmly in the past finds tension adapting to the modern world.



Editorial Rating

8

Qualities

  • Analytical
  • Eye Opening
  • Concrete Examples

Recommendation

The little-known Swiss private bank Pictet is one of the last institutions still hewing to the old era of bank secrecy. Most of its leaders are descendants of the bank’s founders. But as Marion Halftermeyer reports for Bloomberg, Pictet stands on the cusp of parting with its old ways as new hires prepare to bring the bank into the 21st century. Her article offers a rare look into an obscure, highly profitable Swiss private banking institution.

Take-Aways

  • Banque Pictet & Cie SA is a two-centuries-old, consistently profitable Swiss private bank that manages the assets of high-wealth individuals.
  • In 2018, Pictet brought in a new partner, Boris Collardi, who aggressively modernized the bank.
  • The bank faces a culture clash between long-tenured relationship managers and new hires.

About the Author

Marion Halftermeyer is a finance reporter at Bloomberg.