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Swiss Banks

Wealth of global billionaires surges by 17% due to US gain: Swiss Bank UBS

The UBS Billionaire Ambitions Report for 2024 said the total number of billionaires had risen to 2,682 from 2,544 a year earlier, and their worth to $14 trillion from $12 trillion

Wealth of global billionaires surges by 17% due to US gain: Swiss Bank UBS
Updated On : 05 Dec 2024 | 2:16 PM IST

Trafigura goes after missing $500 million in Mongolian fuel fraud

Trafigura said last month it had made provisions of $1.1 billion after discovering what it described as misconduct at its Mongolian unit, including manipulation of data and concealment of overdue

Trafigura goes after missing $500 million in Mongolian fuel fraud
Updated On : 19 Nov 2024 | 10:00 AM IST

For Rado, India could remain number one market: Global CEO Adrian Bosshard

India could remain Rado's biggest market in the coming years

For Rado, India could remain number one market: Global CEO Adrian Bosshard
Updated On : 04 Oct 2024 | 11:21 PM IST

Swiss bank Julius Baer names Goldman Sachs exec Stefan Bollinger as new CEO

Bollinger, who is currently co-head of private wealth management for Europe, Middle East and Africa at Goldman Sachs in London, will join Julius Baer no later than Feb 1, 2025, the Swiss bank said

Swiss bank Julius Baer names Goldman Sachs exec Stefan Bollinger as new CEO
Updated On : 23 Jul 2024 | 12:37 PM IST

Indians' funds in Swiss banks plunge 70% to hit 4-year low of Rs 9,771 cr

Funds parked by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, fell sharply by 70 per cent in 2023 to a four-year low of 1.04 billion Swiss Francs (Rs 9,771 crore), annual data from Switzerland's central bank showed on Thursday. The decline in aggregate funds of Indian clients with Swiss banks for the second consecutive year, after hitting a 14-year-high of CHF 3.83 billion in 2021, was largely driven by a sharp plunge in funds held through bonds, securities and various other financial instruments. Besides, the amount in customer deposit accounts and funds held through other bank branches in India also declined significantly, the data showed. These are official figures reported by banks to the Swiss National Bank (SNB) and do not indicate the quantum of the much-debated alleged black money held by Indians in Switzerland. These figures also do not include the money that Indians, NRIs or others might have in Swiss banks

Indians' funds in Swiss banks plunge 70% to hit 4-year low of Rs 9,771 cr
Updated On : 20 Jun 2024 | 11:32 PM IST

Swiss financial regulations not yet tough enough post-Credit Suisse: SNB

Credit Suisse roiled financial markets last year when it collapsed following a string of financial problems

Swiss financial regulations not yet tough enough post-Credit Suisse: SNB
Updated On : 20 Jun 2024 | 2:22 PM IST

UBS, Credit Suisse's Swiss units may merge by July 1, says official

UBS, which acquired its former rival Credit Suisse last year after the bank's collapse, had previously indicated the two units would be combined

UBS, Credit Suisse's Swiss units may merge by July 1, says official
Updated On : 11 Jun 2024 | 12:15 PM IST

Global watchdog FSB welcomes reform proposals for Swiss banking system

'We welcome the Swiss government's steps to further strengthen their Too Big to Fail framework in light of last year's turmoil,' said FSB Secretary General John Schindler

Global watchdog FSB welcomes reform proposals for Swiss banking system
Updated On : 11 Apr 2024 | 7:15 PM IST

Julius Baer CEO resigns as Swiss bank plans to quit private debt business

Julius Baer says its CEO is resigning and the Swiss bank is quitting the private debt business as well as setting aside more than a half-billion Swiss francs (dollars) reportedly over its exposure to bankrupt Austrian asset manager Signa. Chairman Romeo Lacher expressed regret during a presentation Thursday on the bank's 2023 results, saying management had not been a good steward of our firm but that the troubles were a single credit event and other parts of the company were performing well. Zurich-based Julius Baer said it was exiting the private debt business and the annual results reflected net credit losses of 606 million Swiss francs (about USD 702 million) 586 million francs of which included a loan-loss allowance for unspecified private debt exposure. CEO Philipp Rickenbacher said in a statement that he and the board agreed it is in the best interest of the company for me to step down and that the measures taken on the private debt business pave the way to move forward and .

Julius Baer CEO resigns as Swiss bank plans to quit private debt business
Updated On : 01 Feb 2024 | 5:14 PM IST
Updated On : 17 Nov 2023 | 10:14 PM IST

UBS Group takes lead in $50 billion bond market left by Credit Suisse

The biggest winner in this market from the March demise of Credit Suisse - the leading arranger of Swiss franc bonds for most of the last 20 years

UBS Group takes lead in $50 billion bond market left by Credit Suisse
Updated On : 28 Sep 2023 | 11:26 AM IST

Funds of Indians in Swiss banks down 11% to Rs 30,000 cr, shows data

Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, declined by 11 per cent in 2022 to 3.42 billion Swiss francs (nearly Rs 30,000 crore), annual data from Switzerland's central bank showed on Thursday. The decline in aggregate funds of Indian clients with Swiss banks, from a 14-year-high of CHF 3.83 billion in 2021, follows two consecutive years of increase and was largely driven by a sharp plunge of nearly 34 per cent in customer deposit accounts from a seven-year high. These are official figures reported by banks to the SNB and do not indicate the quantum of the much-debated alleged black money held by Indians in Switzerland. These figures also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of third-country entities. The total amount of CHF 3,424 million, described by the SNB as 'total liabilities' of Swiss banks or 'amounts due to' their Indian clients

Funds of Indians in Swiss banks down 11% to Rs 30,000 cr, shows data
Updated On : 22 Jun 2023 | 10:18 PM IST

Credit Suisse deal set to face historic parliamentary probe in its collapse

The oversight committees of both houses voted in favor of installing a parliamentary inquiry commission, or PUK, on the sale of Credit Suisse announced in March

Credit Suisse deal set to face historic parliamentary probe in its collapse
Updated On : 16 May 2023 | 9:12 PM IST

Evercore hires media, telecom bankers from Credit Suisse amid takeover

The US advisory firm has recruited managing directors Giuseppe Monarchi, Laurence Hainault and Francesco Gurrieri, the people said

Evercore hires media, telecom bankers from Credit Suisse amid takeover
Updated On : 12 May 2023 | 11:09 PM IST

UBS weighs options for sale of Credit Suisse's Swiss unit, say reports

UBS is studying plans to sell the Swiss banking business of Credit Suisse in an initial public offering (IPO) after taking over its smaller rival, the people said, speaking on condition of anonymity

UBS weighs options for sale of Credit Suisse's Swiss unit, say reports
Updated On : 04 May 2023 | 9:19 PM IST

Credit Suisse accused of hindering probe into Nazi-linked accounts

US lawmakers have accused embattled Swiss bank Credit Suisse of limiting the scope of an internal investigation into Nazi clients and Nazi-linked accounts, including some that were open until just a few years ago. The Senate Budget Committee says an independent ombudsman initially brought in by the bank to oversee the probe was inexplicably terminated as he carried out his work, and it faulted incomplete reports that were hindered by restrictions. Credit Suisse said it was fully cooperating with the committee's inquiry but rejected some claims from the Simon Wiesenthal Centre, a Los Angeles-based Jewish human rights group, that brought to light in 2020 allegations of possible Nazi-linked accounts at Switzerland's second-largest bank. Despite the hurdles, the reports from the ombudsman and forensic research team revealed at least 99 accounts for senior Nazi officials in Germany or members of a Nazi-affliliated groups in Argentina, most of which were not previously disclosed, the ...

Credit Suisse accused of hindering probe into Nazi-linked accounts
Updated On : 19 Apr 2023 | 5:23 PM IST

Truly sorry that we could not keep the trust, says Credit Suisse chairman

After years of scandal and losses, Credit Suisse came to the brink of collapse before UBS rode to the rescue with a merger engineered and bankrolled by the Swiss authorities

Truly sorry that we could not keep the trust, says Credit Suisse chairman
Updated On : 04 Apr 2023 | 3:29 PM IST

Credit Suisse, UBS among banks under scrutiny in Russia sanctions probe

The Swiss banks were included in a recent wave of subpoenas sent out by the US government, the people said. The information requests were sent before the crisis

Credit Suisse, UBS among banks under scrutiny in Russia sanctions probe
Updated On : 24 Mar 2023 | 8:01 AM IST

Swiss govt temporarily suspends bonus payouts to Credit Suisse staffers

Switzerland's government said Tuesday that it's ordering Credit Suisse to temporarily suspend bonuses for employees after orchestrating a plan for the No. 2 Swiss bank to be taken over by rival UBS. The Swiss Department of Finance says federal law allows the government to set remuneration-related measures in cases involving Switzerland's biggest banks. Late last week and into the weekend, authorities in Switzerland, backed by the central bank and financial regulators, scrambled to cobble together a $3.25 billion sale of Credit Suisse to UBS. An outflow of deposits and years of trouble raised fears that it could fail and trigger an international financial crisis after the collapse of two U.S. banks. The Swiss government says it doesn't plan to block bonus payments from last year that have been granted but are set to be immediately paid because it doesn't want to penalise Credit Suisse employees who did not cause the crisis. But authorities in the capital, Bern, said they will prohi

Swiss govt temporarily suspends bonus payouts to Credit Suisse staffers
Updated On : 22 Mar 2023 | 7:20 AM IST

UBS takes over Credit Suisse: Everything you need to know about the crisis

Credit Suisse crisis: Swiss government said it would provide $9 bn to help UBS meet the possible losses while taking over Credit Suisse, and Swiss National Bank will provide $100 bn of liquidity

UBS takes over Credit Suisse: Everything you need to know about the crisis
Updated On : 20 Mar 2023 | 11:08 AM IST