Strategy
From The Editor’s Chair: Banks’ Shotgun Marriages And Artificial Intelligence

Bank takeovers after collapses, a burst of commentary about AI, and continued turbulence in global markets formed the background to much of our reporting in recent days. Here's a recap and look-forward from the editor.
Much has happened in the two weeks since I wrote my last recap of
events! UBS has acquired Swiss rival Credit Suisse in a deal that
will cause reverberations for years.
Many jobs will be cut. The banking reputation of Switzerland
has taken a blow from which it will not recover quickly. We’ve
written about the write-down in high-risk bonds issued by Credit
Suisse, the return of
Sergio Ermotti as CEO at UBS, and pondered where this saga
leaves the wider industry. We intend to continue tracking
developments in Zurich and the wider world in coming
weeks.
In the US, the First Citizens
takeover of the greater part of Silicon Valley Bank
put an end to the most immediate crisis phase at SVB, but it
hasn’t of course silenced debate about whether backstopping
depositors by federal US authorities is a good idea. We see lots
of commentary about whether the regulatory/risk management
lessons of the 2008/2009 financial crisis were learnt or not.
.And politics is, sadly, an arena where learning lessons is often
notable for its absence.
Away from the banking mess, we’ve written about technology quite
a bit, and
I wrote an editorial about what to make of the advance
of artificial intelligence (AI) and whether there’s a danger of
it becoming overhyped. We will see how this pans out. There’s a
mixture of anticipation and fear in the air.
In other articles, we have published content about what investors
can or should do to shield portfolios from a potential global
recession; we have covered more wealth sector M&A
activity, for example Investec
in the UK and Rathbones, and the
infusion of a Canadian family’s wealth into Rockefeller
Capital Management. In the offshore world, the
British Virgin Islands have set out the case for why
it contributes to the global economy.
What to expect? We continue to look at developments in technology
and how these will affect the wealth industry around the world.
The developments of family offices, and their specific
investments, remain an important regular feature on our news
services, and I am looking forward to carrying new insights,
thanks to our exclusive media partnership with Highworth
Research, a UK-based data and analysis business. Interviews
are coming down the pipeline with a range of Swiss and other
European digital assets firms. The collapse of cryptocurrency
platform FTX and worries from regulators mean that the digital
assets space is going through tough times, but some industry
figures remain optimistic.
Later this month I am off to Monaco to cover a conference, and
take the temperature (literally) of this principality and how it
fits into the financial centre world. At the start of May, I will
be switching to New York for our annual North American awards
programme, and I am really looking forward to discovering
insights. And then it is off to Singapore at the end of May. It’s
a lot of travel, but worth it.
Please note that this news service has added a new feature: guest
articles. For example, we have a guest article slot where experts
in the sector regularly update us on topics, such as
on how
to trace digital assets, the risks of marriage in
older years, and the pros and cons of
real estate investing. For some time now,
ClearView's news services have also carried sponsored
content in a curated part of the site.
In the multi-media side, I recently interviewed
Filippo Noseda of Mishcon de Reya about what privacy
means in today’s world where there are demands for transparency
and disclosure.
As ever, if you want to tell us about stories, article ideas, or
provide feedback on what we publish, don’t hesitate to contact.
My email is tom.burroughes@wealthbriefing.com