Geneva on the eve of the Great War

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On the eve of the First World War, the Geneva financial centre presented a contrasting picture. It comprised old and reputable private banking houses, commercial and mortgage banks, a savings bank, a stock exchange, finance companies and branches of Swiss and foreign banks. It managed Genevan, Swiss and foreign fortunes invested throughout the world, and it took part in international high finance.

Its position nevertheless remained modest compared with that of Zurich and Basel, whose large commercial banks had developed more rapidly. The Geneva financial centre stood out for its specialisation in wealth management, its international and French-speaking clientele, and the presence of international institutions that enhanced its image. This specialisation would prove to be both its strength and its vulnerability in the twentieth century.

The war of 1914 would upset this balance. Markets closed, international trade collapsed, currencies depreciated, and capital sought refuge. Neutral Switzerland became a haven for capital from the belligerent countries. Chapter IV will trace the consequences of the war and of the inter-war crises for the Geneva financial centre.

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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