Banking & Fintech

Profits set to fall at Swiss Life

This content was published on Sep 26, 2001 “An estimate of [full year] profit is at present difficult,” Switzerland’s largest life insurer said on Wednesday, citing a “massive deterioration” of equity markets since September 11. Last year’s earnings more than doubled to SFr924 million ($582 million), boosted by extraordinarily large capital gains. Noting that it faced no claims from the attacks in the…

Parliament agrees to fund charity from gold reserve sales

This content was published on Sep 25, 2001 The House of Representatives on Tuesday followed the Senate and approved the proposal to spend a third of the interest on the sale of 1,300 tonnes of excess gold reserves of the National Bank on the Solidarity Foundation. A further one-third of the funds would go towards the state pension scheme and the last third,…

Swissair Group steps up alliance talks

This content was published on Sep 25, 2001 André Dosé, the head of the company’s newly created airlines division, Swiss Air Lines, says the company needs to find a partner quickly. “There need to be very rapid moves in this question,” he said in the interview with the Tages-Anzeiger newspaper. The report says negotiations with the One World Alliance, which includes American Airlines…

Credit Suisse starts Wall Street listing

This content was published on Sep 25, 2001 Credit Suisse’s decision to go ahead with its US listing gives it a slight edge on its German rival, Deutsche Bank, which plans a New York listing next month. No ceremony is to be held to mark the event out of respect for the victims of the September 11 attacks in New York and Washington.…

Credit Suisse unit faces stiff fine in Britain

This content was published on Sep 25, 2001 The Financial Services Authority said in a statement that Winterthur had not provided customers with clear explanations and had not adequately checked its computerised sale system. Winterthur said it regretted the incident relating to the sale of mortgages between March, 1998 and December, 1999. The company said it was reviewing about 10,000 policies bought during…

Sabena talks fail again

This content was published on Sep 25, 2001 Sabena had set a deadline of Sunday afternoon for agreement on the plan aimed at making the company profitable by 2005 but the two sides turned to a state-appointed mediator when no breakthrough emerged. The mediator re-started negotiations on Monday evening but talks ended without a deal early on Tuesday. A spokesman for one of…

Swissair announces restructuring plan and job cuts

This content was published on Sep 24, 2001 The plan unveiled by Swissair’s management on Monday envisages cuts to the group’s long-haul network, as well as the full integration of the regional airline, Crossair, and a reduction of the group’s board from 12 to just six people. The group’s long-haul fleet will be cut by a quarter. The current head of Crossair, André…

Swiss National Bank cuts interest rates again

This content was published on Sep 24, 2001 The bank’s three-month LIBOR (London Interbank Offered Rate) band now stands at 1.75 to 2.75 per cent. The swiss franc on Friday rose to an all time high of around SFr1.44 to the euro and is at a 20 month high against the dollar at about SFr1.59. But the dollar and the euro clawed back…

Deutsche Bank buys Zurich Scudder

This content was published on Sep 24, 2001 The transaction will see Deutsche abandon the insurance business and allow Zurich Financial Services to get rid of its under-performing US fund business, which it bought in 1995. Analysts say the partnership has been plagued by integration troubles from the beginning. Deutsche, Germany’s largest bank, said it would swap 75.9 per cent of its insurance…

Swissair unveils major shake up to prop up ailing carrier

This content was published on Sep 24, 2001 Unveiling its new restructuring plan on Monday, the group said Crossair would be fully integrated into Swissair to form “Swiss Air Lines”, and that the new concern would be headed by current Crossair chief executive, André Dosé. Swissair Group said the restructuring, which is expected to involve heavy job cuts, would be completed within three…

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Banking & Fintech

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Profits set to fall at Swiss Life

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Parliament agrees to fund charity from gold reserve sales

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Swissair Group steps up alliance talks

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Credit Suisse starts Wall Street listing

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Credit Suisse unit faces stiff fine in Britain

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Sabena talks fail again

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Swissair announces restructuring plan and job cuts

More

Swiss National Bank cuts interest rates again

More

Deutsche Bank buys Zurich Scudder

More

Swissair unveils major shake up to prop up ailing carrier

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