Archive – Banking & Fintech

Pieces fall into place in tax evasion jigsaw

This content was published on Sep 19, 2011 It was announced on Monday that Credit Suisse had settled with the Public Prosecutor’s Office in Dusseldorf, Germany (to the tune of €150 million or SFr180 million) to avoid tax evasion proceedings against its employees in Germany. The deal was made public only two days before the signing of a withholding tax settlement between Germany…

UBS stops all advertising

This content was published on Sep 19, 2011 According to the Swiss media news website, Klein Report, the decision was taken due to the negative publicity. Peter Hartmeier, head of corporate communications at UBS Switzerland, told Klein Report that advertising the company’s services “based on trust and expertise” made no sense before all the facts into the case had come to light. Hartmeier…

Swiss first to use gold in securities payments

This content was published on Sep 19, 2011 SIX Securities Services announced the plans after the successful settlement of transactions involving gold with a pilot set of customers. The Swiss stock exchange and Scoach Switzerland, the stock market for structured products, plan to introduce the listing and trading of products in XAU gold units (equal to one troy ounce of gold) in October.…

Roche halts drug deliveries to Greek hospitals

This content was published on Sep 19, 2011 Roche managing director Severin Schwan said some Greek hospitals had not paid their bills for three or four years. “We have arrived at a point where we can no longer conduct business normally,” Schwan said. Since Roche stopped deliveries in the summer, certain hospitals had begun to pay their bills because they realised their reputations…

UBS losses bigger than first thought

This content was published on Sep 18, 2011 In a statement issued on Sunday the bank said it had now covered the risk resulting from the unauthorised trading, and “the equities business is again operating normally within its previously defined risk limits.” “As previously stated, no client positions were affected.” It said the loss had resulted from “unauthorized speculative trading” over the last…

UBS head rejects resignation calls

This content was published on Sep 18, 2011 Oswald Gruebel told the Swiss German-language newspaper Sonntag that calls for his resignation were “purely political”. “If you ask me whether I feel guilty, the answer is ‘no’,” he told the Sunday paper, while saying that he was responsible for everything that happens in the bank. “When someone decides to act with criminal energy, you…

Rogue losses turn screw on UBS investment bank

This content was published on Sep 16, 2011 With the scandal sparking a public and political backlash, the Swiss media is speculating that UBS may accelerate its cuts to investment banking when it announces future strategy to investors on November 17. The bank has already been forced to abandon previously stated targets and cut 3,500 jobs to save up to SFr2 billion ($2.3…

UBS trader charged with fraud

This content was published on Sep 16, 2011 The man, who worked on a UBS equities desk, appeared before a London magistrates court on Friday, confirming his name and address. He was remanded in custody until Thursday. He is charged with fraud by abuse of position and false accounting. Police said the investigation was ongoing. The man was arrested in the early hours…

Top banker calls for entrepreneurial freedom

This content was published on Sep 16, 2011 Pierin Vincenz, who hopes centre-right parties will do well in the October 23 parliamentary elections, calls for a pragmatic approach in implementing international standards on bank customer confidentiality. He says stability is key for to maintain the image of Swiss banks which has suffered over the past few years. “One thing that makes Switzerland very…

US tax-evasion probe turns to Israeli banks

This content was published on Sep 16, 2011 Sources told the Reuters news agency that the banks are Bank Hapoalim, Bank Leumi le-Israel BM and Mizrahi-Tefahot. The shift to Israel from Switzerland signals a broadening of a landmark probe by the US Justice Department’s criminal tax division that began in 2007 with Switzerland’s biggest bank, UBS AG. The scrutiny of the three Swiss…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Pieces fall into place in tax evasion jigsaw

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UBS stops all advertising

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Swiss first to use gold in securities payments

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Roche halts drug deliveries to Greek hospitals

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UBS losses bigger than first thought

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UBS head rejects resignation calls

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Rogue losses turn screw on UBS investment bank

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UBS trader charged with fraud

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Top banker calls for entrepreneurial freedom

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US tax-evasion probe turns to Israeli banks

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