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Private Banks Can Gain From Banking Crisis – Pictet Partner

Stephen Harris

14 December 2007

Genevan private bank Pictet has benefited from the global banking turmoil, according to partner and spokesman Jacques de Saussure in an interview with Financial Times Deutschland. In a tilt at giants such as UBS and Credit Suisse, he said: "Everyone knows that private banking and investment banking units are strictly separated. But many customers think: how can they manage my money, if they haven’t got a grip on their own? In every crisis we win market share, not because we are so great, but because others make mistakes, which we avoid."