State Street Corp. will remain custodian of a 46 billion-franc ($52 billion) Swiss pension hoard after lawmakers rejected a bid to reassert domestic control as a guard against US strong-arming of the country.
The lower house in Bern voted 98-89 on Thursday in favor of preserving the Boston-based bank’s mandate for the social security funds. The majority dismissed fearsthat the administration of US President Donald Trump could order State Street to withhold payments as a bargaining chip to pressure Switzerland.
The outcome is a victory for the bank after recent setbacks in other European countries over its climate-change policy. It means state agency Compenswiss, which oversees the fund, won’t need to rerun a tender process completed in late 2023 that ended UBS Group AG’s quarter-century mandate.
Bottomline: nobody fucks with Swiss.
I believe you might have come to that opinion based on the news title alone, without realising State Street is a US custodian bank.
You got me there… My bad lol
I needed a double take on that as well, no worries. I can see State Street office from mine so I was less likely to fall for it ;)
The USA has fucked with us before (forced us to implement OECD automated tax data exchange standards, while they themselves have not and still do not, btw), they will fuck with us again. We’re a tiny country, we can’t realistically resist serious pressure from the only superpower.