BofA doubles banking team in Switzerland amid shifting regulatory landscape

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BofA doubles banking team in Switzerland amid shifting regulatory landscape

^{Published on 2025-02-12 11:00:49 - Reuters}

Bank of America has doubled its banking team in Switzerland, seizing on a potential opportunity to gain market share as bigger Swiss rivals deal with tougher regulation.

Bank of America (BofA) has significantly expanded its banking team in Switzerland, doubling its staff to 20 people, in response to the shifting regulatory landscape and the evolving needs of its clients. This strategic move aims to enhance the bank's capabilities in serving its ultra-high net worth clients, particularly in light of the upcoming Swiss financial regulations set to take effect in 2026. These regulations will impose stricter capital requirements on banks, prompting BofA to bolster its presence in Switzerland to better manage client assets and navigate the new compliance environment. The expansion reflects BofA's commitment to maintaining a strong foothold in key financial markets and adapting to regulatory changes to continue providing top-tier financial services.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/bofa-doubles-banking-team-switzerland-amid-shifting-regulatory-landscape-2025-02-12/ ]

Contributing Sources

Reuters

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BofA doubles banking team in Switzerland amid shifting regulatory landscape