Archive – Banking & Fintech

UBS buys back StabFund

This content was published on Nov 8, 2013 The rescue of UBS and the winding up of the StabFund ends a painful chapter in the history of the Swiss financial sector. It has left the SNB with a total $5.4 billion windfall from the bailout, also taking into account $1.6 billion interest payments made from the StabFund. The StabFund absorbed $38.7 billion of…

Switzerland still tops financial secrecy index

This content was published on Nov 7, 2013 Switzerland’s retains a “fully deserved top place” because the recent concessions on financial secrecy, particularly those to the US, only “pierce Swiss secrecy in narrow, limited ways”, says the report. Several countries have turned up the heat on Switzerland on issues related to tax evasion and banking secrecy in recent years. The United States have…

Traders collude in oil corruption, says Swiss NGO

This content was published on Nov 4, 2013 “Every year Nigerian state coffers lose billions of dollars as large volumes of oil are exported for well below market price and the subsidy scheme for imports of refined crude oil products is systematically defrauded,” the Berne Declaration said in a press release on Monday detailing its report. “Ongoing investigations by the Nigerian authorities show…

Review clears Zurich Insurance in CFO’s suicide

This content was published on Nov 4, 2013 A review overseen by the Swiss Financial Market Supervisory Authority (FINMA) into the company’s role in Wauthier’s suicide found that he was not subjected to “undue pressure” at work and that Zurich’s management was not at fault. Circumstances surrounding the 53-year-old’s death had suggested otherwise. In a typed suicide note, Wauthier reportedly blamed Ackermann for…

Swiss regret end of South African investment accord

This content was published on Nov 2, 2013 The South African authorities informed the Swiss on Thursday that they were ending the accord, having indicated over 12 months ago that investment treaties would be replaced by legislation. The agreement will still run for a year, the legal period of notice, and investments made before that time will be protected for another 20 years.…

Intelligence chief gets cabinet backing

This content was published on Nov 1, 2013 It was reacting to a highly critical report made public in September by a special commission investigating the theft of data from the service. The report found that Swiss intelligence had seriously compromised its information security before and after the incident in May 2012. FIS head Markus Seiler came under particular fire for his handling…

US mortgage giant attacks UBS and Credit Suisse

This content was published on Nov 1, 2013 The lawsuit claims that Fannie Mae’s trading losses were directly incurred by the banks submitting false data used to set the London interbank offered rate (Libor). The rate, used to measure the cost of borrowing between banks, is the basis for trillions of dollars in contracts, including mortgages and bonds. US banking giants Bank of…

How a bad bank saved the Swiss economy

This content was published on Oct 31, 2013 When the 2008 financial crisis arrived, Switzerland's major bank UBS was threatened with bankruptcy. Thousands of people could lose their homes.

French investigate Swiss bank for Cahuzac link

This content was published on Oct 30, 2013 The launch of a formal probe followed the grilling of the bank’s chief executive François Reyl at a hearing in Paris. The move has “resulted in a formal investigation decision that the bank contests”, Reyl said in a media statement released on Tuesday evening and quoted on news agencies. No more details of the investigation…

UBS told to boost funds to cover legal bills

This content was published on Oct 29, 2013 UBS said on Tuesday that it had set aside CHF586 million ($654 million) in the third quarter of 2013 to cover potential regulatory and legal costs after being told by the Swiss Financial Market Supervisory Authority (FINMA) to temporarily increase its capital buffer by 50%. The bank is in the process of paying off an…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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UBS buys back StabFund

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Switzerland still tops financial secrecy index

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Traders collude in oil corruption, says Swiss NGO

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Review clears Zurich Insurance in CFO’s suicide

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Swiss regret end of South African investment accord

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Intelligence chief gets cabinet backing

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US mortgage giant attacks UBS and Credit Suisse

More

How a bad bank saved the Swiss economy

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French investigate Swiss bank for Cahuzac link

More

UBS told to boost funds to cover legal bills

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