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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…

UBS to slash 2,500 Swiss jobs

This content was published on Apr 15, 2009 UBS, which made a loss of SFr20.9 billion in 2008, also estimates it will report a loss of almost SFr2 billion ($1.75 billion) in the first quarter of 2009, a company statement said. “Despite some initial positive signs, UBS will close the first quarter with an overall outflow of net new money,” the bank said.…

UBS reduces staff to save costs

This content was published on Apr 14, 2009 This represents about three per cent of the bank’s total staff in the region, a UBS spokeswoman said. UBS, which made a loss of SFr20.9 billion ($ 18.35 billion) in 2008, is holding its annual shareholders’ meeting on Wednesday against a background of wide speculation that thousands of UBS jobs are to be shed worldwide.…

Environmentalists target noisy heliskiers

This content was published on Apr 11, 2009 Around 100 protestors scaled the 3,200-metre Petersgrat peak in the Bernese Alps on Sunday to demonstrate against heliskiing. The Civil Aviation Office is presently carrying out a review of helicopter landing pads in the Swiss mountains. The environmental group Mountain Wilderness and local sections of the Swiss Alpine Club say that since the Jungfrau-Aletsch-Bietschhorn glacier…

UBS sees lawsuit against it rejected in US

This content was published on Apr 10, 2009 But in long-standing litigation by apartheid victims against large corporations, she allowed a number of claims of aiding and abetting the apartheid regime. The claims are against General Motors, Ford, Daimler, IBM and the German Rheinmetall group, which bought Swiss armaments maker Oerlikon Contraves in 1999. Contraves had supplied mainly anti-air defence weapons to the…

UBS client charged in tax probe gets bail

This content was published on Apr 9, 2009 He was among around 300 American account holders whose names were handed over to the US authorities by Switzerland and UBS, in a deal which also requires the bank to pay $780 million in fines and restitution. The judge set the amount so high because of the risk that the accountant, a dual US-South African…

Pension cuts widely opposed

This content was published on Apr 8, 2009 A number of leftwing groups and consumers’ organisations delivered more than 200,000 signatures to the Federal Chancellery in Bern on Wednesday, over four times as many as are required. The Chancellery must now check that the votes are genuine. Opponents of any law passed by parliament can seek to overturn it in a referendum, which…

Finance minister stands up to OECD over tax

This content was published on Apr 8, 2009 The statement on Wednesday was a response to the announcement last week that Switzerland had been placed on a “grey” list of countries considered to only half respect OECD criteria in tax matters. “We will quickly ensure that Switzerland is included when the criteria are being decided,” Finance Minister Hans-Rudolf Merz said on Wednesday of…

Five star treatment for canine holidaymakers

This content was published on Apr 8, 2009

Vekselberg backs eviction of Sulzer chairman

This content was published on Apr 8, 2009 The overwhelming vote by shareholders at the company’s annual general meeting on Wednesday follows a bitter stand off over the Russian billionaire’s secret stockpiling of Sulzer shares two years ago. Berg’s fate was sealed weeks ago when Vekselberg’s investment firm Renova, that owns nearly a third of Sulzer, publicly stated it would not be supporting…

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UBS slashes thousands of jobs to cut costs

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UBS to slash 2,500 Swiss jobs

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UBS reduces staff to save costs

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Environmentalists target noisy heliskiers

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UBS sees lawsuit against it rejected in US

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UBS client charged in tax probe gets bail

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Pension cuts widely opposed

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Finance minister stands up to OECD over tax

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Five star treatment for canine holidaymakers

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