Archive – Banking & Fintech

Report sees bleak future for Swiss private banks

This content was published on Aug 29, 2013 The University of St. Gallen report shows that the situation is especially critical for institutions holding less than CHF5 billion ($5.3 billion) in client assets. Due to liquidations hitting small establishments especially hard, 13 private banks closed their doors in 2012, bringing the total in Switzerland to 148. The global tax firm KPMG, which was…

Zurich Insurance chairman resigns over suicide

This content was published on Aug 29, 2013 In a company release, Ackermann said his colleague’s untimely death had profoundly affected him and that he felt partially responsible. The 53-year-old Wauthier was found in his home in Zug on Monday morning, with preliminary reports indicating a suicide. “The unexpected death of Pierre Wauthier has deeply shocked me. I have reasons to believe that…

CFO of Swiss insurer killed himself: police

This content was published on Aug 27, 2013 A police spokesman, citing information from the Forensic Medicine Institute, said third party involvement in his death could be ruled out. In announcing Wauthier’s death, Zurich Insurance, Switzerland’s largest insurance company, said it would not disclose further details out of consideration for his family. “The Board of Directors, Group Executive Committee and all of our colleagues…

The Japanese architect explains his concept

This content was published on Aug 27, 2013

CFO of Swiss insurer found dead

This content was published on Aug 26, 2013 The police are investigating the exact circumstances surrounding Wauthier’s death, the company said in a statement on its website. Out of consideration for the family no further details have been disclosed. “The Board of Directors, Group Executive Committee and all of our colleagues are deeply saddened and pass on our condolences to the family and…

Watchmaking giants face off in ten-year dispute

This content was published on Aug 26, 2013 A ruling by the Swiss competition watchdog is set to prolong a bitter battle among watchmakers over the delivery of moving parts.

Uncertainty weighs on Swiss bank staff

This content was published on Aug 23, 2013 “The situation is definitely not what has sometimes been written in the papers – that employees of Swiss banks can no longer travel to the US,” said Balz Stückelberger, head of the Swiss Bank Employers’ Association. “There aren’t any signs that the US wants to arrest all Swiss bankers. They certainly don’t want to fill…

Former SNB chairman faces investigation

This content was published on Aug 22, 2013 Hildebrand’s current employer, fund management firm BlackRock, said he rejected the allegations. “Mr Hildebrand absolutely rejects any allegations of wrongdoing and is providing the Attorney General with whatever assistance is necessary to resolve this matter,” BlackRock spokesman Marc Bubeck said in an emailed statement to Reuters on Thursday. The allegations related to a period prior…

Glencore Xstrata posts loss on asset write-downs

This content was published on Aug 20, 2013 Pro forma profit – which includes Xstrata earnings but excludes one-off charges – also fell 39 per cent to $2 billion, weighed down by lower commodity prices, said Glencore Xstrata in its first-half report on Tuesday. Combined revenue dropped 1.7 per cent to $121.4 billion. Swiss-based Glencore Xstrata, which operates more than 150 mining and…

UBS ready to buy back “bad bank” toxic assets

This content was published on Aug 16, 2013 At the end of 2008, UBS was forced to hand over CHF38.7 billion ($41.5 billion) of its risky securities to the central bank’s Stabilisation Fund (StabFund), set up to prevent UBS’s mortgage related losses spiraling out of control during the financial crisis. The SNB granted UBS a loan of CHF25.8 billion to help finance the…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Report sees bleak future for Swiss private banks

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Zurich Insurance chairman resigns over suicide

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CFO of Swiss insurer killed himself: police

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The Japanese architect explains his concept

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CFO of Swiss insurer found dead

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Watchmaking giants face off in ten-year dispute

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Uncertainty weighs on Swiss bank staff

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Former SNB chairman faces investigation

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Glencore Xstrata posts loss on asset write-downs

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UBS ready to buy back “bad bank” toxic assets

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