Archive – Banking & Fintech

UBS sells Banco Pactual in Brazil

This content was published on Apr 20, 2009 UBS, hit hard by the global credit crisis, said the agreement to sell Banco Pactual to BTG Investments would result in a small loss. In a statement on Monday, UBS said it would give more details about the effects of the transaction in its first-quarter financial report, due to be published on May 5. Activist…

Holiday traffic clogs roads

This content was published on Apr 18, 2009 Vehicles were brought to a halt on the A2 motorway on the south side of the Gotthard tunnel in southern Switzerland on Saturday morning, remaining backed up for ten kilometres. Drivers were faced with a 2.5-hour wait, according to the traffic information service ViaSuisse. Motorists were redirected to the A13 motorway via San Bernardino. On…

Small villages fear they could lose their post office

This content was published on Apr 18, 2009

Number of bankruptcies continues to rise

This content was published on Apr 17, 2009 The number of bankruptcies in March totalled 428, an increase of 22.6 per cent compared with the previous year, the Swiss Association of Creditors, Creditreform, said. Figures show that 1,223 firms were declared insolvent in the first quarter, 18.6 per cent more than in the corresponding period in 2007 and representing the second highest level…

Central bank says short-term outlook is weak

This content was published on Apr 17, 2009 In a speech on Friday to the annual shareholders’ meeting in Bern, the bank’s president, Jean-Pierre Roth, warned that economic recovery would be a slow process because current difficulties were more than just cyclical. “They are partly the result of a profound crisis of confidence in the soundness of the financial sector and the future…

Zurich swoops on AIG to gain US market share

This content was published on Apr 17, 2009 Zurich will also assume $100 million in debts to buy AIG’s 21st Century Direct and other US businesses in a move to increase internet and telephone sales. AIG, the American International Group and once the world’s largest insurer, has been forced to seek buyers for its insurance businesses to repay the loan portion of a…

Zurich Financial to buy AIG US unit

This content was published on Apr 16, 2009 Switzerland’s largest insurer said on Thursday its subsidiary Farmers Group would acquire 100 per cent of the unit, positioning the Farmers Exchanges as the third-largest traditional direct writer of insurance in the United States. The company said that as part of the deal, Farmers Group would immediately sell the regulated insurance businesses of the acquisition…

Where does UBS go from here?

This content was published on Apr 16, 2009 The world’s largest wealth manager on Wednesday announced huge job cuts and forecast yet more financial losses for the first quarter. But one expert believes UBS will turn the corner as a leaner, more focused operation. Chief Executive Oswald Grübel, who joined the bank in February, said UBS would in future channel its energies to…

UBS gains chairman but loses money and jobs

This content was published on Apr 15, 2009 The mood at the annual meeting was sombre and resigned as chief executive Oswald Grübel admitted he could not offer “any good news” and spoke of continued “unsatisfactory performance”. The meeting in Zurich on Wednesday was overshadowed by the news of 8,700 job losses – more than ten per cent of the group’s global workforce…

UBS slashes thousands of jobs to cut costs

This content was published on Apr 15, 2009 The country’s largest financial institution announced a loss of almost SFr2 billion ($1.75 billion), mainly due to writedowns and outflows at its prestigious wealth management unit. The bank’s annual shareholders’ meeting heard that major job cuts were “unfortunately unavoidable”. “Unfortunately I am not able – as yet – to offer you any good news,” said…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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UBS sells Banco Pactual in Brazil

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Holiday traffic clogs roads

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Small villages fear they could lose their post office

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Number of bankruptcies continues to rise

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Central bank says short-term outlook is weak

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Zurich swoops on AIG to gain US market share

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Zurich Financial to buy AIG US unit

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Where does UBS go from here?

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UBS gains chairman but loses money and jobs

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UBS slashes thousands of jobs to cut costs

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