Archive – Banking & Fintech

UBS ‘now out of the woods’

This content was published on Feb 4, 2014 The bank appears finally to have shrugged off the turbulent past six years, which featured massive losses during the financial crisis, an embarrassing state bailout, a crippling tax evasion crackdown in the United States and a string of fines for market malpractice. UBS responded to the crisis by offloading risky deals, slashing its investment banking…

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Swiss reject new probe of Angola-Russia deal

This content was published on Feb 4, 2014 According to a 2013 report by Corruption Watch UK and an Angolan association of human rights lawyers, the missing money was supposed to go towards repaying a $1.5 billion debt to Russia for help in Angola’s 27-year civil war. The report said Angola paid with promissory notes on future oil shipments, but they went through…

UBS reports CHF3 billion profit in 2013

This content was published on Feb 4, 2014 The figure is a stark contrast to last year, when UBS lost CHF1.9 billion in the final quarter of 2012. That loss was due to litigation and restructuring costs. In a statement on Tuesday, the bank said that its pre-tax operating profit in the October-December period was CHF449 million. Its full-year net profit for 2013…

Baer suffers from bullish acquisition

This content was published on Feb 3, 2014 The Zurich-based private bank, the country’s third largest, posted a lower-than-expected 19% rise in full-year earnings, reflecting legal fees relating to the United States probe of financial institutions which allegedly helped rich Americans dodge taxes. Baer said it would hit the lower end of its target for the transfer of assets invested by former clients…

Youth ski decline threatens future of sector

This content was published on Feb 2, 2014 “You’ve got to be 100% on duty from 6am to 11pm, ensure discipline and be there for children who are ill or homesick.” Primary school teacher Urs Weibel runs ski camps for children at his school but, as he tells swissinfo.ch, it is a struggle. On top of looking after the children, “you have to…

Novartis sustains growth as patents expire

This content was published on Jan 29, 2014 Chief executive Joseph Jimenez said on Wednesday that Novartis delivered a strong performance in 2013, with net sales and core operating income in constant currencies increasing while absorbing patent expirations. Jimenez earned CHF13.23 million for running the company last year. Between them, the 11 members of Novartis’ executive committee received remuneration packages totalling CHF67.7 million…

Life in goldfish bowl

This content was published on Jan 25, 2014 The Congress Centre appears hermetically sealed from the outside world, in good part by necessary security measures. Once past the airport-style checks, the forum then resembles the Titanic – a series of watertight compartments. Delegates and journalists are categorised with typical Swiss efficiency and afforded access to various rooms in the party house according to…

Bankers still desperately seeking love

This content was published on Jan 25, 2014 United States investment bank JP Morgan took the brunt of the legal wrist-slapping last year, shelling out some $13 billion (CHF11.6 billion) to settle claims. No wonder then that CEO Jamie Dimon adopted a low profile in Davos, avoiding public debate. Dimon did manage a media interview in which he slammed the US government for…

Migration a migraine for some

This content was published on Jan 24, 2014 Davos residents will be among those Swiss citizens voting on February 9 with the issue also sparking much fierce debate throughout Europe and further afield. Several international speakers have added their voice to the debate in Davos this week. “The feeling of being overcrowded in Switzerland is a result of economic success,” said Martin Schulz,…

Central banks have delicate balancing act

This content was published on Jan 24, 2014 With the United States Federal Reserve slowing the rate of its own spending spree, all eyes are on other central banks to see if they follow suit. The Swiss National Bank (SNB) has seen its balance sheet bloat from CHF100 billion ($112 billion) in 2006 to nearly CHF500 billion in defence of the franc. But…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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UBS ‘now out of the woods’

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Swiss reject new probe of Angola-Russia deal

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UBS reports CHF3 billion profit in 2013

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Baer suffers from bullish acquisition

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Youth ski decline threatens future of sector

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Novartis sustains growth as patents expire

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Life in goldfish bowl

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Bankers still desperately seeking love

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Migration a migraine for some

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Central banks have delicate balancing act

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