Call for Swiss private bankers to double client assets

Geneva

THE new head of Barclays plc's Swiss unit is pushing private bankers in Geneva and Zurich to double client assets in four years as international competitors exit the world's largest hub for offshore wealth.

James Buchanan-Michaelson, who joined from Coutts International in June, aims to increase Swiss assets, including loans, to 28 billion Swiss francs (S$41.55 billion) by 2019 to boost the fortunes of a unit that's barely breaking even.