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Iran Warns US-Linked Gulf Banks Are Targets—Swiss Lenders Shift to Home Office
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Swiss banks with operations in the Gulf have shifted some staff to remote work as a precaution after an Iranian parliamentary speaker warned that financial institutions linked to US debt holdings could become “legitimate targets,” according to NZZ on March 26.
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Mohammad Bagher Ghalibaf, speaker of the Iranian parliament, wrote on X that not only military bases but also “those financial institutions that finance the military budget of the US” should be treated as legitimate targets.
Ghalibaf wrote, “We are watching your portfolios. This is your last warning.”
That has particular relevance for Switzerland’s private banks, which maintain a visible presence across the Gulf and within range of Iranian drones or missiles.
Because US Treasuries are held by banks around the world and form a core part of many portfolios, the warning effectively placed financial institutions far beyond the United States into Iran’s threat frame, including Swiss banks.
Swiss outlet noted that UBS, Julius Baer, EFG, Lombard Odier, UBP, Swissquote, Amina, and Bitcoin Suisse all have operations in the region, while Dubai has become a major hub for international wealth managers through the Dubai International Finance Centre.
Swiss banks, however, have so far avoided large-scale evacuations.
According to NZZ, most have limited their response to precautionary remote work policies. UBS, Pictet, EFG, and Lombard Odier asked staff to work from home, while Julius Baer also allowed employees to work outside the United Arab Emirates.
UBS chief Sergio Ermotti declared that emergency plans were in place and that, in isolated cases, some employees had been helped relocate with their families.
NZZ added that smaller Swiss institutions remain exposed due to their regional staffing footprints but are not planning immediate evacuations.
The warning also lands as Washington advances its clearest effort yet to open a negotiated path out of the conflict.
The proposal, sent through Pakistani intermediaries, marks Washington’s clearest diplomatic push yet to find an off-ramp from a month of fighting that has rattled global markets and pushed energy prices higher.
According to The New York Times, the 15-point framework targets Iran’s ballistic missile arsenal and nuclear program while seeking guarantees for maritime security.
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