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Big banks underwhelm with strategy “changes”

This content was published on Nov 18, 2011 Both banks have recently signalled their intention to scale back investment banking operations under the guise of putting wealthy clients first. But the changes have not gone far enough for some observers. In a note to investors, Bank Sarasin described UBS’s restructuring – announced on Thursday – as “evolution not revolution”. The note expressed disappointment…

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Household wealth on the rise

This content was published on Nov 18, 2011 The main reasons for the increase were the persistently high level of saving by households and a further advance in real estate prices. By contrast, currency movements reduced the growth in household wealth by some SFr25 billion. Breaking down the figures, the SNB said financial assets held by households grew last year by SFr49 billion…

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Rescue service questions new competition

This content was published on Nov 18, 2011 The non-profit Swiss Air Rescue Service (Rega), which is a member of the Swiss Red Cross, has described the motoring association’s offer as superfluous. This week, TCS announced its partnership with Alpine Air Ambulance (AAA), a Zurich-based enterprise. TCS owns a 49 per cent share in AAA, which gives it access to three emergency helicopters…

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UBS takes knife to scandal-hit investment bank

This content was published on Nov 17, 2011 The bank has announced 400 extra job cuts while pledging to slash risky assets by half and exit loss-making businesses. UBS is to place more emphasis on its “core DNA” of wealth management, says chief executive Sergio Ermotti. Thursday’s announcement, made in New York at UBS’s annual investor day strategy conference, came as no surprise…

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Zurich court gives hope to whistleblower

This content was published on Nov 17, 2011 In January a lower court gave Elmer a suspended fine of SFr7,200 ($7,832) for handing confidential data on clients of the private Julius Bär bank to the tax authorities, and for threatening some of his former colleagues after he was sacked in 2002. Elmer, who worked for the bank in the Cayman Islands, maintains that…

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UBS to shed investment banking jobs

This content was published on Nov 17, 2011 Some 2,000 jobs are to go in the investment bank by the end of 2016 leaving it with a staff of 16,000, the bank said in a statement issued ahead of Thursday’s Investor Day event in New York. Sergio Ermotti, who was confirmed as CEO earlier this week, said UBS was acting from a position…

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Tax evasion pressure maintained on Switzerland

This content was published on Nov 16, 2011 The latest moves by Germany, France, the United States, the G20 group of powerful nations and the European Union demonstrate that the renegotiation of tax treaties will not make the issue go away. Swiss banks have vowed to end their practice of providing safe haven to undeclared assets while the government has signed dozens of…

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Facebook opens for federal employees again

This content was published on Nov 16, 2011 Access was barred two years ago following a survey that found that Facebook was the second most visited website by federal employees. A spokesman for the Federal Information Technology Office said the final decision to lift the ban was up to each ministry. He said workers in the departments under Transport, Communications, and Energy Minister…

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Bern approves change to tax accord with US

This content was published on Nov 16, 2011 The move comes as Switzerland finds itself under increasing pressure from the US to hand over more information on banking clients suspected of evading taxes. The 1996 double taxation agreement between the two countries did not cover the current US practice of demanding data of batches of unnamed banking clients. Switzerland feared that such clients…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Have Swiss bankers had their heyday?

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Big banks underwhelm with strategy “changes”

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Household wealth on the rise

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Rescue service questions new competition

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UBS takes knife to scandal-hit investment bank

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Zurich court gives hope to whistleblower

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UBS to shed investment banking jobs

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Tax evasion pressure maintained on Switzerland

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Facebook opens for federal employees again

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Bern approves change to tax accord with US

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