Edmond de Rothschild Chief Warns Private Banks Face Crisis

Europe’s private banks and asset managers are facing a crisis as business models are hollowed out by negative interest rates, the chief executive of Edmond de Rothschild has warned, the Financial Times reported. Vincent Taupin, who has run the Swiss bank since March, also cautioned that neither acquisitions or attracting more money from customers offers an easy answer for the industry. Edmond de Rothschild had looked at acquiring troubled Zurich-listed asset management group GAM and the Italian wealth management arm of banking rival Julius Bär, Kairos, but neither was worth its asking price, Mr Taupin told the Financial Times in an interview. Read more