Archive – Banking & Fintech

Banks wary of drop in business

This content was published on Jan 10, 2012 Out of 120 banks (not including Credit Suisse and UBS) that were polled, only 15 per cent have a truly positive outlook, whereas more than half of those surveyed for the previous banking barometer fell into this category. Nearly one third of those polled considered their outlook negative, a rate that climbs to 40 per…

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This content was published on Jan 10, 2012

Press apportions blame for Hildebrand’s exit

This content was published on Jan 10, 2012 “Hildebrand leaves the national bank with his head held high and in the bitter knowledge that he and his family, while they stayed within the rules, acted unwisely in the management of their personal assets because they opened themselves up to moral and political attack,” wrote the Neue Zürcher Zeitung (NZZ). Hildebrand told a news…

Swatch Group reports record sales

This content was published on Jan 10, 2012 The world’s biggest watchmaker said it had experienced the strongest turnover in the group’s history in December 2011 and was confident of greater growth in 2012. Swatch, best known for its colourful plastic watches as well as upmarket brands such as Breguet and Omega, said revenues had risen 10.9 per cent to a new record…

Central banker quits over private currency deal

This content was published on Jan 9, 2012 The government thanked him for his achievements as central bank governor, but his opponents in the rightwing Swiss People’s Party have accused the federal authorities of covering up and glossing over private currency speculation by senior bank members. Hildebrand told a news conference on Monday that his resignation was with immediate effect. He explained he…

Central banker quits over private currency deal

This content was published on Jan 9, 2012 His resignation is with immediate effect according to a press release by the central bank on Monday. The statement came just hours before Hildebrand, as well as the president of the SNB board, Hansueli Raggenbass, and the finance minister, Eveline Widmer-Schlumpf, were scheduled to attend a meeting of a parliamentary committee. Hildebrand argued that the…

Central bank comes under parliamentary scrutiny

This content was published on Jan 9, 2012 The committee will hear Hildebrand at its regular meeting on Monday, as well as the president of the SNB board, Hansueli Raggenbass, and the finance minister, Eveline Widmer-Schlumpf, according to officials. Hildebrand argued the currency transactions were carried out by his wife without his explicit consent, and they did not breach any regulations. The government…

Novartis recalls US products

This content was published on Jan 9, 2012 The company said in a statement on Sunday that operations and shipments had been temporarily stopped at the Novartis Consumer Health (NCH) facility in Lincoln, Nebraska, to accelerate improvements at the site. It expects to take a $120 million (SFr114.3 million) charge in the fourth quarter. The group is recalling Excedrin and NoDoz products with…

SNB tightens rules in wake of Hildebrand affair

This content was published on Jan 7, 2012 A meeting of the bank’s council decided on Saturday to subject all financial transactions made by members of the enlarged governing board between January 1, 2009 and December 31, 2011 to review by external auditors. “It became evident that, given the events of the past few days and developments in financial markets, as well as…

Central banker remains under pressure from right

This content was published on Jan 6, 2012 Christoph Blocher reiterated allegations of insider trading against Philipp Hildebrand, describing him as a “speculator” no longer tenable as chairman of the central bank. Blocher hinted that several informers at several banks had information about private financial activities by leading figures of the National Bank. He did not elaborate. In an apparent u-turn, Blocher on Friday…

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Archive – Banking & Fintech

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Banks wary of drop in business

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Press apportions blame for Hildebrand’s exit

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Swatch Group reports record sales

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Central banker quits over private currency deal

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Central banker quits over private currency deal

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Central bank comes under parliamentary scrutiny

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Novartis recalls US products

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SNB tightens rules in wake of Hildebrand affair

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Central banker remains under pressure from right

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