The average wealth of an adult in Switzerland amounted to $709,612. Keystone-SDA Last year, the global population became wealthier overall. As a result, global wealth rebounded from the decline seen in 2022. Switzerland retained its top position in the UBS Global Wealth Report. This content was published on July 10, 2024 – 15:56 Switzerland once...
Tag: beat-Banking & Fintech
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HSBC ‘breached money laundering rules’, says Swiss regulator
HSBC Private Bank (Switzerland) is accused of violating money laundering regulations. The Swiss Financial Market Supervisory Authority (Finma) has ordered measures to be taken. This content was published on June 18, 2024 – 17:20 The Swiss subsidiary of the British banking group failed to comply with its money laundering prevention obligations in respect of two...
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UBS Asia job cuts almost complete
UBS bought rival Swiss bank Credit Suisse last year. KEYSTONE/© KEYSTONE / JEAN-CHRISTOPHE BOTT UBS’s Asia-Pacific president signaled that most of the bank’s job cuts in the region are over as it nears the official completion of its historic merger with Credit Suisse. This content was published on May 28, 2024 – 09:51 Do you...
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Switzerland navigates own course through inflation maze
Various central banks must pick a different path through the maze of inflation. KEYSTONE Central banks around the world are keeping savers and homeowners guessing about interest rates. Switzerland broke ranks with a drop in rates in March, from 1.75% to 1.5%. But predicting the future direction of interest rates is made more difficult by...
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Anti-Semitism ‘played no role’ in Raiffeisen Switzerland bank business
A suggestion was made to rename Raiffeisenplatz, where the bank’s headquarters are located. Keystone/Gaetan Bally The Raiffeisen banking group has no history of prejudicial business behaviour against Jews in Switzerland despite the anti-Semitic views of its German founder, according to a report that was commissioned by the company. This content was published on April 19,...
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Switzerland braced for wave of bank staff layoffs
Redundancies at Switzerland’s largest bank will test the capacity of the financial sector to absorb jobs. Keystone A year ago Credit Suisse staff were stunned by the sudden demise of their bank. Many are now fighting for their careers with 3,000 Swiss posts set to be axed by their new employer UBS, starting this year....
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UBS finalises transfer of Credit Suisse securitisation business to Apollo – SWI swissinfo.ch
Under the new deal, announced on Wednesday, Apollo Global Management will purchase from UBS $8 billion of “senior secured financing facilities” as part of the Swiss bank’s efforts to wind down its non-core legacy portfolio KEYSTONE/© KEYSTONE / ENNIO LEANZA UBS Group and Apollo Global Management have reached an agreement regarding the carveout of Credit Suisse’s...
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Swiss financial watchdog fines Bank Audi for money-laundering violations – SWI swissinfo.ch
FINMA determined that the bank failed to provide information and did not adequately vet high-risk client relationships. KEYSTONE/© KEYSTONE / PETER KLAUNZER The Swiss Financial Market Supervisory Authority (FINMA) has identified serious violations of money-laundering regulations at the private bank, Bank Audi. This content was published on March 25, 2024 – 13:34 FINMA is fining...
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Switzerland’s financial watchdog needs more powers, global regulator says – SWI swissinfo.ch
Not enough teeth? Swiss financial regulator FINMA. KEYSTONE/© KEYSTONE / PETER KLAUNZER The Swiss financial watchdog FINMA should be given increased powers to make sure it would be able to deal with a failure of UBS if that scenario were ever to play out, a global regulator has said. This content was published on March...
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SNB president says stronger Swiss franc painful for companies – SWI swissinfo.ch
Despite the pain for companies, Switzerland should nonetheless escape relatively unscathed, declared Swiss National Bank President Thomas Jordan on Tuesday. © Keystone / Anthony Anex A stronger franc has helped dampen inflation in Switzerland but has also been painful for domestic companies, according to Swiss National Bank President Thomas Jordan. This content was published on...