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Bankruptcy proceedings against FlowBank

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Well, that didn't last long.

Hope everyone gets their funds out safely.
 
"FINMA took its first enforcement action against FlowBank SA in October 2021", wow, I should‌ make a bot that scans for these, I applied for an account in 2022 as‍ far as I remember and had no idea this was going on at the time.⁠
 

Informations to the clients of the Bank​

The Liquidators will shortly be sending the Bank’s‌ clients a circular describing the procedure for repayment of the secured deposits and the transfer‍ of the custody assets.

Does this include crypto asset held at FlowBank?
 
Well...it happened yesterday 🙄

I've been with them for a while,⁤ and they have been great to me. Third-party deposits & wires allowed etc. etc

They helped me out a lot! 😉

but today, when I tried to sign in, the app showed this:

smi(&%

Well, I will get my money (I hope). It's less than CHF 100K anyway.

I presume︁ the stocks are all there. I had about CHF 3K in crypto, but it was︂ all profit, so I'm OK with that! (I don't f*ck with exchanges, but when banks︃ and brokers I have accounts with try to introduce me to a product, I build︄ a relationship with them by allowing them to "sell" me an entry-level position. I don't︅ tell them to go f*ck themselves. That's NOT helpful. I look at their sale as︆ the "cost of doing business.") 😉

I'll miss them! They were great to me!

Oh well,︇ C'est la vie! 😉
 
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The bank has total assets of approximately CHF 680 million, holds over 22,000 client‌ accounts and employs around 140 staff worldwide.
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140 people to manage just 680m CHF????‍

Lol....and they wonder why they went bankrupt 🙄.
 
They weren't really managing the funds in the way one might expect from a Swiss bank.⁠ It was mainly a trading platform. Without knowing the full picture, I'd still feel pretty⁤ confident guessing the vast majority of those funds were securities and otherwise self-managed money. They⁣ were basically a Swissquote clone.
 
That makes it worse then. How much can one make on 640m CHF in such‌ assets to pay salaries of 140 people? Back in day some Swiss banks were earning‍ like 20-80bps on client assets at best.
 
The same thing that happened to Hillary's emails rof/% smi(&%
 
He will be in line after liquidator pays himself a nice fat Swiss salary. Hopefully‌ process will be quicker than EPB smi(&%.
 
I am with too many‍ banks to monitor. I just rely ring fencing of any securities. Hence if banks collapses⁠ it is of no consequence to me whatsoever.

P.S Flow Bank - Swiss banking at⁤ its finest....lol.
 
Well, how can one offer Swiss salaries‌ when employing 140 individuals for that asset size?

It does not make so much sense.‍ What would have these people even been doing all day?

680M in cash - maybe⁠ you can work with that. But in securities? You can't monetize that - it belongs⁤ to the account owner and they could work with it on their own/manage it themselves.⁣ At least with cash, the bank can lend it, low risk MMF, bonds whatever -⁢ all would probably be more profitable than this.
 
But one very important lesson we learn from here is that even when swiss bank‌ goes bankrupt, finma protects you and you get all your money back. That's the beauty‍ of swiss banking.
 
Were there signs that one could have seen to predict that this was‌ going to happen?

Besides the 1. bad reviews on Glassdoor, 2. the owner had some‍ "shady" businesses in the past (CFD brokers etc), and the fact that the bank was⁠ foreign-owned and not fully Swiss.
 
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