Navigation

Skiplink Navigation

Main Features

Think Tools slips into the red

Thinks Tools took a hit with its failed e-banking venture with Vontobel

(Keystone Archive)

The software and consulting group, Think Tools, announced a net loss of SFr19.8 million ($11.57 million) for 2000 on Wednesday after taking on board SFr31.6 million in write-offs and provisions for the failed e-bank project with the private bank, Vontobel.

The company said it expected to return to profit in the second quarter of 2001 and forecast a substantial net profit for the year as a whole.

Think Tools has faced severe problems due to Vontobel's cancellation of its e-project, y-o-u bank. The failure of the venture led to the dismissal of several senior managers at Vontobel and a revision of its profit figures for last year.

Think Tools also proposed management changes on Wednesday. It named Jack Schmuckli as its new chairman and said four members of the board were to step down.

Think Tools shares have lost more than 80 per cent of their value since the beginning of the year.

swissinfo with agencies


Links

Neuer Inhalt

Horizontal Line


subscription form

Form for signing up for free newsletter.

Sign up for our free newsletter and get the top stories delivered to your inbox.

swissinfo EN

The following content is sourced from external partners. We cannot guarantee that it is suitable for the visually or hearing impaired.

Join us on Facebook!

×