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What do foreignbanks in the City of London need to consider? (EPA FILE) The UK’s financial regulator has urged a group of inteational banks in the City of London to limit the number of client...

Cryptocurrencies were partly created as a challenge to fiat money issued by banks and central banks.(Keystone) Cryptocurrencies traded peer to peer rather than being settled through banks have so many uses that it is impossible to know how much demand is driven by criminality. One thing is clear: banks face growing rivalry from a shadow payment system that ranges from cryptocurrencies to electronic platforms including Alipay and mobile wallets such as M-Pesa in Kenya. The old way to transfer money without having to go through a bank is cash, which is obstinately persistent. Despite the expansion of credit, d...

The vault of a bank with client safety deposit boxes in Switzerland(Keystone) “We had a Swiss client who needed a lawyer in Tehran urgently. Within an hour, we had enlisted the help of a colleague in Dubai who was able to recommend one he knew well,” Gagnebin recalls at Rothschild’s sleek offices in a smart Zurich suburb. “Being a Swiss banker, a lot of it is still about soft factors.”Gagnebin’s career shift underlines the pressures that the Swiss banking sector is facing. Even a decade ago, clients from all over the world flocked to Switzerland to find a discreet home for cash that they wanted to hide from the taxman.These customer...

... Print Reuse article See in another language: 1 See in another language: 1 Languages: 1 (EPA/ORESTIS PANAGIOTOU) Lawyers acting for the banks have submitted information over ...

Ermotti, from Lugano, has been UBS's chief executive since 2011.(swissinfo.ch) Sergio Ermotti, chief executive of the Swiss bank, also complained that banking had been singled out for criticism over compensation in a way that other sectors, such as private equity and tech, had not.“I think this discussion is made by people who are maybe frustrated that they do not make that kind of level of money,” the UBS boss said at the Financial Times aual banking summit on Thursday.Mr Ermotti’s comments come amid renewed anti-Wall Street sentiment on both sides of the Atlantic where even mainstream politicians have taken aim at a sector that ...

These are the stories on our agenda for the week begiing September 18, 2017. (swissinfo.ch) TuesdayIs there a place for private, for-profit investment in the inteational development sector dominated by govements, non-profits and wealthy donors? We look at the world’s first Development Impact Bond backed by Swiss bank UBS that aims to get ...

The piggybanks are full, but will the multi-millions benefit Switzerland? (Keystone) Around a quarter of the $1.5 billion (CHF1.45 billion) raised by cryptocurrency crowdfunding ventures this year has found its way to Swiss foundations. Many people on social media chaels are crying foul, but is there anything sinister behind half a billion dollars finding its way into such structures in th...

Investor interest in the Swiss National Bank is on the rise yet again (Keystone) Not just over-ambitious hikers in the Swiss Alps have suffered altitude sickness this month. Shareholders in Switzerland's ultra-conservative central bank have experienced a similar sensation. The price of a share in Swiss National Bank in August rose above SFr3,000 ($3,143) for the first time - more than double...

It has become increasing difficult and costly for Swiss expatriates to open and keep an account with a Swiss bank (Keystone) The Swiss expatriates are tuing up the heat on Swiss institutions to grant discrimination-free access to financial services. The issue has plagued the community for ...

Swiss citizens abroad have repeatedly criticised Swiss banks for allegedly discriminatory business policies (Keystone) Accounts are either closed or suddenly subjected to an additional bank charge of almost CHF500 ($518) a year. For Swiss living abroad, it is becoming increasingly difficult to...

(Keystone) The threat of cyber attacks like WaaCry and Petya are creating lucrative opportunities for specialists looking to work in the financial sector. Top candidates for a job as a cyber security expert can “easily” command salaries of CHF1 million ($1 million). That’s according to Rober...

Here are some of the stories we'll be following the week of July 10: (Keystone) MondayWe take a hard look at shopping in Switzerland and nearby France when one of our joualists compares the costs of everyday goods on both sides of the border. How much can you get for CHF100 ($103) in each ...

Zurich, Switzerland's financial centre, is not yet out of the clear(Keystone)Swiss private banks have spent much of the past decade trying to rid themselves of lucrative accounts used to avoid taxes. But news of an inteational tax probe at Credit Suisse last month showed more work is needed to men...

Ambassador LeVine plans to hold talks with Swiss bankers (Keystone) Several Swiss banks have received a letter from the United States Ambassador to Be, Suzan LeVine, asking them not to shun US citizens who want to open accounts in Switzerland. Many Swiss banks have frozen out US clients, and even closed down existing accounts, in the wake of a damaging legal battle with the US Department of Justice (DoJ) over tax evasion. Banks have not only dropped links to tax cheats, but many have also shued all US citizens, as the paperwork builds up along with the potential penalties for letting a rotten apple slip through the net. LeVine plans to meet bankers to find a solution for tax compliant US...

Credit Suisse now leases its building in Uetlihof (Keystone) Credit Suisse’s great Zurich property sell-off continues unabated with another landmark building coming under the hammer this month. The Zurich-headquartered bank has sold five properties in its home city – a move that has confounded some critics. The latest building holds a prestigious address: Bahnhofstrasse 32. It was once home to Bank Leu (founded 1755) before the venerable private bank was bought by Credit Suisse. Despite spending CHF20 million renovating the Leuenhof in 2007, Credit Suisse now deems the address surplus to requirements. A triple-digit million franc figure has been agreed with new buyer Swiss Prime for the ...

The US makers of desert movie Pow Wow had to do three crowdfunding ventures to raise money for filming and editing (pardo.ch) ...

Life appears to be getting brighter for UBS and Credit Suisse, both based in Zurich's Paradeplatz (Keystone) Switzerland’s two largest banks, UBS and Credit Suisse, have both reported drops in net profit for the second quarter. However, both banks have reasons to be relatively happy. On Friday, UBS reported a 14% drop in net profit, citing “pronounced low client activity” amid economic and geopolitical uncertainties and other market weaknesses. Nevertheless, the profit of CHF1.03 billion ($1.05 billion) was better than expected, topping average analysts’ estimates - as polled by Reuters - of CHF495 million. The bank said market volatility, macroeconomic uncertainty and “heightened geopolit...

Here are the stories we’re following the week begiing July 25: (Keystone) Monday What to do with convicted terrorists? We look into the case of three Iraqis sentenced earlier this year in a Swiss court for their ties to the Islamic State (IS). Deport them? But will Iraq want to take them back? Read about the dilemma in our report. (Keystone) Tuesday EFG bank will hold an Extraordinary General Meeting to give shareholders a say on its takeover of the troubled BSI private bank. Swiss and Singaporean regulators have given the green light for the takeover after BSI got its fingers bued in the 1MDB scandal. On July 14 EFG said it wanted to speed up the takeover process. Also on Tuesday, ...

BSI has taken the brunt of the regulatory fire for its involvement with 1MDB (Keystone) The ongoing global investigation into the 1MDB corruption case raises the question whether Swiss banks have cleaned up their acts. The enquiry estimates that some $4 billion (CHF4 billion) has been syphoned out of the Malaysian sovereign wealth fund into the pockets of corrupt officials. The suspects, which include Malaysian Prime Minister Najib Razak and other family members, are thought to have used the money to buy art works, property and even finance the movie The Wolf of Wall Street – which depicts financial corruption on Wall Street. Details are starting to emerge about a string of offshore shel...

Tidjane Thiam has been forced to take shelter from a hail of criticism in recent weeks When he took over at the helm of Credit Suisse last July, Tidjane Thiam could hardly have expected - just one year on - to be denying reports of the company being broken up and sold off. It has been one of those years for the bank whose share price threatened to drop below CHF10 a week ago. Much of the Swiss media hailed Thiam as a likely saviour of the struggling bank last summer. Most of these headlines have tued sour in a remarkably short time span. “The group will stay intact,” Thiam was forced to tell the SotagsBlick newspaper on Sunday. “A takeover is not a subject.” While Thiam has been defend...