Conclusion to Part E: a transformed financial centre

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Part E has traced the transformation of Geneva private banking since 1945. The golden age of wealth management, founded on Swiss stability, on the quality of services and, in part, on the protection afforded by banking secrecy, made Geneva one of the world’s principal centres for private clients. The scandals of the 1970s and 1980s led to the Due Diligence Agreement and to the criminalisation of money laundering. The crisis opened in 2008 by the UBS affair brought banking secrecy towards foreign tax authorities to an end, at the price of considerable penalties for several Geneva houses and a profound transformation of the business model.

The financial centre that emerged is more concentrated, better regulated and more transparent. Its great houses have become international wealth and asset management groups. Its independent asset managers and its trustees are licensed and supervised. Its lawyers and notaries fall within the scope of the Anti-Money Laundering Act. Its companies and trusts must declare their beneficial owners. Its taxation, though debated, was confirmed by the clear rejection of the 2025 initiative.

This transformation has not erased the historical strengths of the financial centre: stability, prudence, the personal relationship, the long-term view, the ecosystem. It has placed them within a framework in which compliance is a condition of every relationship. The business model now rests on the quality of services, and the financial centre has repositioned itself towards large international fortunes, whose needs justify its services.

The following parts widen the view. Part F describes International Geneva and its links with finance. Parts G and H deal with commodity trading, the second pillar of the financial centre, and with the risks that accompany it. Part I examines the relations between Geneva and Africa. Part J analyses the role of the French language. Part K, finally, considers the future of the financial centre in the perspective of 2035.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of September 2025.

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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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Conclusion to Part E: a transformed financial centre

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