Archive – Banking & Fintech

Swiss media debate merits of interim UBS boss

This content was published on Sep 26, 2011 Ermotti, who previously served as the bank’s head of the European business, was named to replace Oswald Grübel, who resigned on Saturday morning. The question is whether he can get the troubled bank back on track. Grübel resigned after a rogue trader in London cost the bank $2.3 billion (SFr2.09 billion) in losses, the latest…

Swiss stock exchange bets on gold

This content was published on Sep 24, 2011 Introducing the new service, post-trade specialists operating on the Swiss stock exchange Six Securities Services (a subsidiary of Six Group, owner of the Swiss stock exchange) said the new payment versus delivery service using gold was the first of its kind in the world and would operate “exactly like” a new currency. The Swiss stock…

Rogue trade scandal brings down UBS chief

This content was published on Sep 24, 2011 Grübel had been under pressure since it became known on September 15 that a London-based UBS investment bank trader had lost the bank $2.3 billion (SFr2.09 billion). “The board regrets Oswald Grübel’s decision. Oswald Grübel feels that it is his duty to assume responsibility for the recent unauthorised trading incident,” said UBS chairman, Kaspar Villiger,…

Grübel faces UBS board in Singapore

This content was published on Sep 23, 2011 Grübel refused to comment on the meeting in Singapore on Friday. The loss by a London-based UBS investment bank trader has virtually wiped out savings the bank made through extensive job cuts, and hardened attitudes in Switzerland towards risky banking ventures. During the UBS board meeting, top executives at the Swiss bank were expected to…

Credit Suisse chairman on the offensive

This content was published on Sep 22, 2011 In an interview to be published on Friday in Swiss magazine Bilanz, Urs Rhoner said it would be a “false solution” to separate or discontinue the bank’s investment banking activities. In the wake of the UBS rogue trader scandal, some Swiss politicians have called on UBS and Credit Suisse to close their investment banking divisions,…

UBS rogue trader ordered to stay in custody

This content was published on Sep 22, 2011 The man, 31, is charged with four offences of fraud and false accounting dating back to 2008 and is accused of racking up losses in authorised trades. Presiding magistrate Alison Gowman told the man on Thursday he would remain in custody until a hearing on October 20. The trader, whose lawyer said he was “sorry…

Tax evasion deal signed in Berlin

This content was published on Sep 21, 2011 The accord was signed in Berlin on Wednesday by Swiss Finance Minister Eveline Widmer-Schlumpf and her German counterpart, Wolfgang Schäuble. The accord, which was announced on August 10 and hailed in many quarters in Switzerland as a breakthrough, includes an up-front payment to Germany of SFr2 billion ($2.76 billion) by Swiss banks. The banks’ advance…

Green light given for financial boost to economy

This content was published on Sep 21, 2011 The largest chunk of the SFr870 million ($975 million) package approved by the House of Representatives on Wednesday will go to supplement the state unemployment insurance plan. The SFr500 million for unemployment insurance will help cover loss of income suffered by employees whose working hours have been compulsorily reduced. More than SFr200 million will be…

New book lifts lid on commodities giants

This content was published on Sep 20, 2011 The Berne Declaration this week published a book that takes an in-depth look at the notoriously secretive industry. Critics want to see changes, especially tighter regulations, but the Swiss authorities appear happy with the status quo. According to “Commodities: Switzerland’s Most Dangerous Business”, the sector has witnessed a “meteoric” rise: a 15-fold increase in trade…

Economic growth projections revised downwards

This content was published on Sep 20, 2011 Citing a deteriorating economic outlook for Switzerland over the past few months, Seco economists also reduced their estimates for projected growth of the Swiss economy next year from 1.5 per cent to 0.9 per cent. This is Seco’s second consecutive downward correction for 2012. In its June quarterly forecast the projected growth rate for next…

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