Salomon Brothers has found a niche above a grocer and a video shop. Taxi drivers have been known to lose their way trying to find the Citicorp offices. Shearson Lehman is temporarily housed in the cramped offices of its parent, American Express.
It’s a far cry from the silent, spacious corridors, punctuated by imposing wooden doors, at Credit Suisse.
Yet from the backyard comes the competition which the Swiss cannot ignore. The foreign banks have refused to be squeezed out of the Swiss capital market.
For 10 years the big three Swiss banks–Credit Suisse, Swiss Bank Corporation and Union Bank of Switzerland–have been losing ground in the lucrative Swiss franc bond market, often to foreign institutions, and particularly to the American commercial banks.
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