Announcing the results of a new survey of 53 banks and 94 independent wealth managers based in Geneva conducted by Geneve Place Financiere, ...

Announcing the results of a new survey of 53 banks and 94 independent wealth managers based in Geneva conducted by Geneve Place Financiere, banking association president and senior partner of Pictet & Cie, Ivan Pictet, said that Swiss banks expect 2006 profits to grow by at least 15 per cent. "This would bring us closer, or even exceed for many banks, the exceptionally high bar of the year 2000," he told members of the press. Business is booming as a result of increased deposits from the Middle East, Eastern Europe and Russia. Safe-haven inflows during this year’s conflict in Lebanon and uncertainty of some European economies have also contributed to what will be the third consecutive year of healthy results, according to Mr Pictet. This trend has more than compensated for waning interest in Geneva as an off-shore financial centre by North Americans due to stricter tax and financial reporting requirements. Geneva’s banks presently employ around 18,000 people and are facing an increasing challenge to find sufficient talented individuals to cope with this increased business, a large proportion of which is in private wealth management.