Archive – Banking & Fintech

Kudelski sheds 110 jobs

This content was published on Nov 22, 2002 Shares in the former darling of the Swiss technology sector have fallen in value by 70 per cent this year alone. Kudelski said the restructuring should lead to savings of SFr22 million ($15 million) to SFr27 million. The job cuts follow a profit warning in August by Kudelski, one of the major players in access…

Baloise pays €90 million for German insurer

This content was published on Nov 22, 2002 The new entity, Basler Securitas, will have 1,300 employees and a consolidated premium volume of €680 million (SFr1 billion). The sale price has been set at €90 million but will be adjusted in line with Securitas’ year-end figures for 2002. Baloise said the acquisition demonstrated its strategy of achieving growth in the German market. It…

Hope for the future?

This content was published on Nov 22, 2002 Last weekend a Serb Orthodox church in western Kosovo was blown up and another church nearby damaged. Churches in Kosovo have often been targeted, partly because they are seen as symbols of the years of Serb dominance under former Yugoslav President Slobodan Milosevic. Reminders of the conflict that tore the province apart remain ever-present. The…

Pictet splits research and banking

This content was published on Nov 21, 2002 Pictet is the first Swiss bank to introduce such measures following similar moves by the world’s largest banking group, Citibank. “To avoid any potential risk of conflicts of interest, Pictet has decided to separate the buy-side research business from the sell-side activities, by setting up a distinct brokerage company,” the bank said in a statement.…

Swisscom profits steady

This content was published on Nov 21, 2002 Swisscom reported that earnings, before interest, tax, depreciation and amortisation, reached SFr3.4 billion ($2.3 billion). The decrease was said to be in line with the company’s expectations. On a more positive note, sales increased by two per cent to SFr10.8 billion, but net profit was down at SFr1.2 billion. The company said it still expected…

Bad banks – small depositors get preference

This content was published on Nov 20, 2002 Under the proposed new rules, customers with less than SFr5,000 in their accounts would be given preference over other creditors if their bank goes under. The move follows the bankruptcy of the savings and loans bank in Thun in 1991 – still in liquidation – in which many customers lost their money. Draft legislation sent…

Press says Swiss needs deeper cuts to survive

This content was published on Nov 20, 2002 Editorials said the 300 jobs losses and cutbacks on flight routes were not surprising given the current economic climate, but commentators fear they will not be sufficient to keep the airline going. The “Neue Zürcher Zeitung” said the measures, which come nine months after the airline took to the skies, exposed the need for more…

Swiss trims its wings but fails to impress critics

This content was published on Nov 19, 2002 But analysts say the measures designed to save the airline SFr400 million ($275 million) do not go far enough and will not guarantee the company’s future. Swiss chairman, Peter Bouw, told a media conference on Tuesday that the company’s third-quarter results were better than projected, but showed that Swiss still needed to improve overall profitability.…

Sulzer R&D division to spin out innovation

This content was published on Nov 19, 2002 Now Sulzer Innotec has introduced a new incubator to the Swiss market. Innotec is the name of the former research and development division of the Winterthur based Sulzer Group. It has been around for a good 50 years and recently started to source work from outside the company. Now more than two thirds of the…

Swiss clips its wings

This content was published on Nov 19, 2002 In all, 160 positions will be lost among cabin crew and ground personnel with 140 job losses among pilots. The company is expected to announce at the end of the year the scrapping of some routes as part of a raft of measures designed to save the airline SFr400 million ($275 million). Swiss aviation expert,…

Archive – Banking & Fintech

Popular Stories

Most Discussed

Archive – Banking & Fintech

More

Kudelski sheds 110 jobs

More

Baloise pays €90 million for German insurer

More

Hope for the future?

More

Pictet splits research and banking

More

Swisscom profits steady

More

Bad banks – small depositors get preference

More

Press says Swiss needs deeper cuts to survive

More

Swiss trims its wings but fails to impress critics

More

Sulzer R&D division to spin out innovation

More

Swiss clips its wings

Popular Stories

Most Discussed