Archive – Banking & Fintech

National bank reports loss

This content was published on Jul 29, 2011 According to a release published by the SNB on Friday, losses on the bank’s foreign currency positions amounted to some SFr9.9 billion. This was mainly due to exchange rate-related valuation losses of around SFr11.7 billion, said the SNB. At mid-year, the gold price per kilogramme was about SFr40,800, leading to a valuation loss of SFr1.6…

Downsizing reality hits over-confident banks

This content was published on Jul 28, 2011 Credit Suisse was the latest global player to announce poor second quarter results on Thursday, following UBS two days before. Both banks will reverse recent hiring sprees with Credit Suisse shedding around 2,000 staff – roughly the same number it had just taken on. Most of the major banking players around the world have either…

Swiss doubles operating profit in half year

This content was published on Jul 28, 2011 In a statement, Swiss said the result more than doubled the operating profit of SFr61 million for the first half of 2010. Total income from operating activities for January to June 2011 was SFr2,406 billion, a seven per cent year increase compared with the year before. The company said the second quarter saw “a particularly…

UBS comes under fire again in the US

This content was published on Jul 28, 2011 It is alleged that UBS misled the housing agencies into buying $4.5 billion of risky mortgages. The United States Federal Housing Finance Agency (FHFA) said it also planned more lawsuits to recover additional losses by Fannie Mae and Freddie Mac from investments in private-label debt. In July 2010 the FHFA issued 64 subpoenas to banks,…

Swatch increases profit despite strong franc

This content was published on Jul 28, 2011 But it warned that the strong Swiss franc would hit sales growth as well as group operating profit and net income. “The outlook… in the second half of the year remains promising, particularly given the fact that July is confirming the trend in sales and results of the first half,” Swatch Group said in a…

Credit Suisse cuts jobs on poor results

This content was published on Jul 28, 2011 The Swiss bank said on Thursday net profit fell to SFr768 million ($959 million), below average analyst forecasts of SFr1 billion and less than half the SFr1.6 billion made in the same period in 2010. Operating income fell to SFr1.37 billion from SFr1.7 billion in the Q2 last year. New assets in private banking were…

Credit Suisse cuts jobs on poor results

This content was published on Jul 28, 2011 The Swiss bank said that net profit fell to SFr768 million ($959 million), below average analyst forecasts for SFr1 billion and less than half the SFr1.6 billion made in the same period in 2010. Chief Executive Brady Dougan said the bank would cut four per cent of total staff to save about SFr1 billion next…

Franc hits profits of two chemical makers

This content was published on Jul 27, 2011 Basel-based specialty chemicals company Clariant on Wednesday posted a rise in net profit to SFr40 million ($49.80 million), but this was lower than had been forecast. Clariant warned in its statement that raw material prices would rise in the second half after a sharp increase in the second quarter. The chemicals maker Lonza Group, also…

UBS staff fear more heads will roll

This content was published on Jul 26, 2011 With rumours circulating in the media that rival Credit Suisse will give details of a staffing cull on Thursday, the portents are once again looking particularly grim for workers in the Swiss financial sector. UBS did not give details of how it would make savings of between SFr1.5 billion and SFr2 billion, announced as the…

Carbon footprint contracts slightly

This content was published on Jul 26, 2011 The Federal Environment Office said carbon dioxide emissions from heating oil and gas dropped by one per cent between 2009 and 2010, while those from petrol and diesel saw a reduction of 0.4 per cent. The environment office said emissions from heating oil and gas were nearly 13 per cent lower than in 1990, while…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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National bank reports loss

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Downsizing reality hits over-confident banks

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Swiss doubles operating profit in half year

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UBS comes under fire again in the US

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Swatch increases profit despite strong franc

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Credit Suisse cuts jobs on poor results

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Credit Suisse cuts jobs on poor results

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Franc hits profits of two chemical makers

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UBS staff fear more heads will roll

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Carbon footprint contracts slightly

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