Thursday 12 October 2023

Economic Survey 2023-2024

The Geneva Financial Center carried out this Economic Survey according to the methodology used in previous years. The survey is sent to directors of banksm asset managers and other financial intermediaries in Geneva every year in June. The results presented in the following pages reflect their analyses and perceptions.

The survey provides long-term data and is therefore a useful tool to measure changes in opinion among financial intermediaries regarding business performance and the outlook for the Geneva financial center.

The results of the 2023–24 Economic Survey illustrate the solidity and dynamism of the Geneva financial centre, despite a challenging environment.

Following a negative 2022, business rebounded strongly in the first half of 2023. Several indicators signal the good financial health of banks, asset managers and other financial intermediaries, with net profit and employment both trending upwards.

Wealth management is thriving, thanks to a rise in assets under management. More than two-thirds of financial institutions reported an increase in net new money. The Geneva financial centre remains highly attractive, especially for European and Middle Eastern clients.

Rapidly rising interest rates have boosted net interest income. Faced with a highly unpredictable environment, however, many clients are taking wait-and-see approach, which negatively impacts income from trading commissions.

The outlook for 2024 is positive: most financial institutions express optimism and confidence and plan to increase staff numbers.