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BofA doubles size of banking team in Switzerland after Credit Suisse collapse
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BofA doubles size of banking team in Switzerland after Credit Suisse collapse
Feb 12, 2025 9:38 AM

Feb 12 (Reuters) - Bank of America ( BAC ) has doubled

the size of its banking team in Switzerland, its CEO said,

seizing on a potential opportunity to gain market share amid a

shakeup in the Swiss banking market after the demise of Credit

Suisse.

Switzerland has pledged to put in place stricter banking

rules since the 2023 collapse of Credit Suisse, which was taken

over by rival UBS. At the center of the overhaul are

plans to make UBS hold more capital to prevent another crisis.

"Recently, with the disruption that went on in Switzerland,

we added some bankers to build our team there," Bank of America ( BAC )

CEO Brian Moynihan told a conference on Wednesday, adding the

size of the team doubled "pretty quickly."

He did not disclose the total number of bankers in

Switzerland, but in an interview with Swiss newspaper Neue

Zürcher Zeitung late last year, Moynihan indicated the bank

wants to serve Swiss businesses ranging in size from small

companies to global corporations.

Other foreign lenders including France's BNP Paribas

, Deutsche Bank and Citigroup ( C/PN ) are

among those increasing staffing and courting smaller companies

that form the bedrock of the Swiss economy.

The Swiss government has said it wants stricter capital

requirements for UBS and its three biggest peers - PostFinance,

Raiffeisen and Zürcher Kantonalbank.

In December, UBS CEO Sergio Ermotti said tougher regulation

across the board could weaken the nation's financial sector

against competition. He said on Monday he does not expect "much

clarity until May."

BofA's international business is overseen by Bernard Mensah,

who also heads Merrill Lynch International.

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