Archive – Banking & Fintech

Ex-finance minister blames heart attack on UBS bailout

This content was published on Aug 3, 2016 Hans-Rudolf Merz, 73, was finance minister from 2003 to 2010. He suffered the heart attack at the height of the financial crisis in September 2008 as Switzerland embarked on the bailout of UBS, which was hit by massive subprime mortgage losses in the United States. Merz told Wednesday’s edition of the Neue Zürcher Zeitung that…

Still room to intervene: SNB president

This content was published on Aug 1, 2016 Switzerland’s central bank still has room left to intervene in the currency markets and tamp down the strength of the Swiss franc.

‘It can absolutely happen again’: rogue trader

This content was published on Aug 1, 2016 The London trader convicted in 2012 for losing $2.3 billion (CHF2.2 billion) of Swiss bank UBS's money says a scandal like his could happen again.

Swiss low-wage outsourcing raises questions

This content was published on Jul 31, 2016 The federal defence procurement agency, armasuisse, contracted an Indian company and two Swiss companies that hire workers in Bulgaria and Hungary to fulfil the contract. The Swiss military ordered boxers, underwear and long johns for men and women, the NZZ am Sonntag newspaper reported (in German)External link on Sunday. Kaj-Gunnar Sievert, a spokesman for armasuisse…

UBS and Credit Suisse – reasons to be cheerful

This content was published on Jul 29, 2016 On Friday, UBSExternal link reported a 14% drop in net profit, citing “pronounced low client activity” amid economic and geopolitical uncertainties and other market weaknesses. Nevertheless, the profit of CHF1.03 billion ($1.05 billion) was better than expected, topping average analysts’ estimates – as polled by Reuters – of CHF495 million. The bank said market volatility,…

Central bank posts strong net profit

This content was published on Jul 29, 2016 Switzerland’s central bank booked gains of CHF7.6 billion from its gold holdings and CHF13 billion from its foreign currency positions. The SNB has been buying currencies as well as foreign bonds and equities in massive amounts to check upward pressure on the highly-valued franc – nearly a return to its policy of buying unlimited quantities between 2011…

UBS makes better profit than expected

This content was published on Jul 29, 2016 “We achieved this strong result by helping our clients navigate continued difficult market conditions, while staying disciplined on risk and further reducing cost,” Chief Executive Sergio Ermotti said in a statement. UBS, which has refocused its business more towards wealth management and away from investment banking since the financial crisis, said it had achieved CHF1.4…

Swiss cancels winter flights to Istanbul

This content was published on Jul 28, 2016 Swiss confirmed on Thursday that shrinking demand had led to the decision for the 2016/17 winter season. The new flight plan comes into effect on October 30. According to the Turkish tourism ministry 34.7% fewer foreigners travelled to the country in May, compared to the same month a year earlier. A spokesperson for Swiss, Meike…

Demand rebounds for Swiss made weapons

This content was published on Jul 28, 2016 Switzerland notched CHF224 million ($228 million) in sales of “war materiel” during the January-June period, up from nearly CHF217 million during the same timeframe a year ago, according to figures published online by the State Secretariat for Economic AffairsExternal link (SECO) on Thursday. That represents a modest rebound from the full-year results for 2015, when…

Switzerland’s second-largest bank retains cautious outlook

This content was published on Jul 28, 2016 “For us, the second quarter was a quarter of progress,” CEO Tidjane Thiam told journalists in a 45-minute webcast news conference on Thursday. “We see some evidence here that our strategy is gaining traction.” After two profit-losing quarters, the Zurich-based bank’s results for the April-June quarter were helped by a 7% decline in costs from…

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Archive – Banking & Fintech

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Ex-finance minister blames heart attack on UBS bailout

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Still room to intervene: SNB president

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‘It can absolutely happen again’: rogue trader

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Swiss low-wage outsourcing raises questions

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UBS and Credit Suisse – reasons to be cheerful

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Central bank posts strong net profit

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UBS makes better profit than expected

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Swiss cancels winter flights to Istanbul

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Demand rebounds for Swiss made weapons

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Switzerland’s second-largest bank retains cautious outlook

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