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Critics warn of loopholes in new banking rules
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While the centrist parties hailed Switzerland’s pioneering role, the political right argued the measures compromised the competitive edge of the financial sector and the left called for further restrictions, notably on investment banking. Ahead of a final vote on the bill on Friday and following tough bargaining between the two chambers over the past autumn…
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The Swiss bank said on Thursday net profit fell to SFr768 million ($959 million), below average analyst forecasts of SFr1 billion and less than half the SFr1.6 billion made in the same period in 2010. Operating income fell to SFr1.37 billion from SFr1.7 billion in the Q2 last year. New assets in private banking were…
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The political and legal climate has changed considerably since 2008 and lawyers and clients of Credit Suisse see the position of Switzerland’s second largest bank as more serious than that of its competitor UBS. Before indicting four former bank employees, the US Department of Justice sent a letter to Credit Suisse earlier this month warning…
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