Archive – Banking & Fintech

CS wants to build asset management in US

This content was published on Feb 9, 2010 The Swiss bank plans to create a network of 700 consultants in 18 to 20 branches, according to Anthony DeChellis, its head of retail banking in the US. Currently 407 consultants work in 15 branches in the US. DeChellis explained that dealing with ultra-rich clients – those with at least $10 million (SFr10.7 million) –…

Numbered accounts profit from bank crisis

This content was published on Feb 8, 2010 Bankers shut up like clams at the mere mention of these accounts, as swissinfo.ch discovered. Questions about how many there might be, or what kind of person opens one, get short shrift in Geneva, Zurich or Lugano. In the public imagination they are associated with spies, scandals and slush funds – quite undeservedly so, according…

Retail turnover rises

This content was published on Feb 8, 2010 Compared with December 2008, retail sales for December 2009 were up 4.7 per cent. “It seems that the recession in Switzerland was not as strong as everyone said it would be as consumption is still quite strong,” said David Marmet from Zurich Cantonal Bank. “The recession was a problem for the export sector but not…

Monthly jobless rate increases further

This content was published on Feb 8, 2010 The number of jobless increased by 3,025 on the month to a total of 175,765. Compared with January 2009, the number of unemployed in Switzerland rose by 36.9 per cent, according to the State Secretariat for Economic Affairs (Seco) on Monday. The number of 15- to 24-year-old jobless grew by one percentage point in January…

Swiss face hard choices over bank secrecy

This content was published on Feb 7, 2010 The finance ministers of both countries have given separate interviews to Sunday’s German-language Swiss newspaper NZZ am Sonntag in which each sees difficult times ahead for Switzerland. In his interview, the German finance minister, Wolfgang Schäuble, could not have been clearer. “We have abolished bank secrecy in Germany. And I can tell you that we…

Government under fire from all sides

This content was published on Feb 6, 2010 Gerold Bührer, the head of the Swiss Business Federation (economiesuisse), told German-language Swiss radio that remarks made by Finance Minister Hans-Rudolf Merz were “unfortunate and unhelpful”. Merz had said that it was worth considering an automatic exchange of information with tax authorities abroad. Bührer said Switzerland had already taken a major step by removing its…

Swiss banks urge clients to declare assets

This content was published on Feb 5, 2010 Credit Suisse spokesman Marc Dosch said on Friday that people using the bank to hide assets should legalise their property at once. “If a new or former client says he has undeclared money, he will be told to contact a tax advisor independently,” Dosch said, adding that the bank’s business model is not based on…

KOF sees signs of economic recovery

This content was published on Feb 5, 2010 There has been growth in wholesale trade, banking and communications while the construction and insurance industries have stagnated, said the report issued on Friday by KOF, which is part of the Federal Institute of Technology in Zurich. For manufacturers a one-year slowdown in production has ended, and expectations are now at their highest point in…

Syngenta profit flat, optimistic for 2010

This content was published on Feb 5, 2010 The results, which represent a one per cent increase in sales but a one per cent decline in profit, were announced by the Basel-based multinational on Friday, along with plans to return some $750 million to shareholders through share buyback programme and an unchanged dividend. Earnings per share were $15.76 per cent, a three per…

Julius Bär posts better-than-expected results

This content was published on Feb 5, 2010 The world’s largest dedicated wealth manager said full year net profit had increased to SFr473 million ($446 million), ahead of expectations, and that assets under management of private clients grew by 19 per cent to SFr154 billion. The Zurich-based bank nevertheless cut its dividend by 20 per cent to SFr0.40 per share. Inflows into the…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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CS wants to build asset management in US

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Numbered accounts profit from bank crisis

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Retail turnover rises

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Monthly jobless rate increases further

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Swiss face hard choices over bank secrecy

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Government under fire from all sides

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Swiss banks urge clients to declare assets

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KOF sees signs of economic recovery

More

Syngenta profit flat, optimistic for 2010

More

Julius Bär posts better-than-expected results

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