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.
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 ;)