Banking & Fintech

Kuoni warns of lower profits

This content was published on Jul 13, 2001 Concerned traders sold heavily into Kuoni bringing shares on the Swiss Stock Exchange 19 per cent lower within minutes of opening to trade at SFr510. Kuoni shares continued to drop throughout Friday, and were worth Sfr445 at the close of trade. Kuoni said on Friday that it had revised its forecasts downwards because of unfavourable…

Corti plans massive asset sell-off to reduce debt mountain

This content was published on Jul 12, 2001 In a statement on Thursday, Corti said net debt rose to SFr8.3 billion from SFr6.8 billion in the first three months, before dropping to SFr7.8 billion at the end of June. An audit has shown that Swissair has enough cash to stay airborne. “But the initial findings of this exercise have revealed that the financial…

Corti reveals rescue plan for ailing Swissair

This content was published on Jul 12, 2001 Placing the blame for Swissair’s financial woes clearly on the shoulders of his predecessor, Corti said the company would try to raise as much money as possible from asset sales. He said this would go some way towards shifting the mountain of debt accumulated by its disastrous expansion strategy abroad. He said Swissair would continue…

New management for Credit Suisse First Boston

This content was published on Jul 12, 2001 Wheat will be leaving his job immediately “to pursue other interests”, according to a Credit Suisse Group statement on Thursday. The former CEO had held positions at the group’s investment branch for two decades, overseeing the recent merger with Donaldson, Lufkin & Jenrette. Correspondents point out that Mack is taking over a firm that is…

Swisscom ups stake in Germany’s debitel

This content was published on Jul 12, 2001 A statement on Thursday said the deal was a purely financial transaction and was the fulfilment of the original option agreement made when Swisscom bought a majority stake in debitel in 1999. It added that the close cooperation between debitel and Metro would not be affected by the move. Germany’s debitel which is the largest…

ALSO to cut 230 jobs

This content was published on Jul 12, 2001 The group, a subsidiary of the Schindler elevator and escalator company, said the cuts had to be made following “changes in the IT market” over the past few months which had resulted in low capacity use. A statement from ALSO headquarters in Hergiswil, central Switzerland, said there would also be a reduction of the number…

ABB to shed thousands of jobs around the globe

This content was published on Jul 11, 2001 ABB spokesman Thomas Schmidt told the Swiss News Agency that there would be no redundancies involved in the plan, which is aimed at cutting costs. Schmidt said that several thousand jobs were no longer needed. ABB employed some 160,000 staff at the end of last year, with 8,200 employees in Switzerland. The ABB spokesman said…

OECD report says Swiss economy hit by job losses

This content was published on Jul 11, 2001 The report stated that the relative economic parity that previously existed between Switzerland’s major centres had slipped in favour of Zurich and the city’s surrounding areas. In terms of the distribution of wealth, Zurich was followed by Basel, Lucerne and central Switzerland, with the rest of the country “clearly less fortunate”. The OECD said French-…

Judgement day looms for Corti

This content was published on Jul 11, 2001 Swissair has been studying ways to restore its profitability since the beginning of the year after abandoning an ill-conceived foreign expansion policy that saw its losses mount to SFr2.9 billion ($1.61 billion) last year. Analysts want to hear Corti explain how he intends to withdraw from foreign investments and how he plans to cut a…

UBS postpones plans to spin-off private equity unit after big losses

This content was published on Jul 11, 2001 The decision comes after UBS Capital made a loss of SFr282 million ($158.5 million) in the first three months of the year under the leadership of Pierre de Weck. UBS said on Wednesday that de Weck is to leave the company by mutual agreement at the end of July. UBS Capital will for now remain…

Banking & Fintech

Popular Stories

Most Discussed

Banking & Fintech

More

Kuoni warns of lower profits

More

Corti plans massive asset sell-off to reduce debt mountain

More

Corti reveals rescue plan for ailing Swissair

More

New management for Credit Suisse First Boston

More

Swisscom ups stake in Germany’s debitel

More

ALSO to cut 230 jobs

More

ABB to shed thousands of jobs around the globe

More

OECD report says Swiss economy hit by job losses

More

Judgement day looms for Corti

More

UBS postpones plans to spin-off private equity unit after big losses

Popular Stories

Most Discussed