SWI swissinfo

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...

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

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...

Pictet's headquarters in Geneva (Keystone) When pitching for wealthy Asian entrepreneurs as clients, it helps if your bank has your family name on its front door. That at least is the experience of Nicolas Pictet, who heads Asian subsidiaries at the Swiss private bank named after his 19th-century forebear Edouard Pictet. “They say: ‘Nicolas, I wanted to meet you because I wanted to know: how did you make it to the eighth generation? What is your recipe?’” As the longest-serving of Pictet’s top managers, Mr Pictet this week takes over as the “senior partner” of the Geneva-based bank, one of Switzerland’s largest assets managers. He succeeds Jacques de Saussure, who is retiring. But the fam...

Regulations can be lethal for banks, finds UBS CEO Sergio Ermotti. (KEYSTONE/Eio Leanza) Up to 30% of Swiss banks will be smothered to death under the weight of increasingly draconian regulations within the next five years, UBS bank’s chief executive Sergio Ermotti has waed at a financial industry conference in Be. Every year, regulations drain the Swiss economy of 10% of its gross domestic product (GDP) – or CHF60 billion ($61.5 billion) – Ermotti said. Since the 2008 financial crisis, the financial industry has boe the brunt of new regulations, both in Switzerland and in other countries. “Switzerland can no longer afford this if it wants to remain competitive,” he told delegates at th...

The first Private Banking Day was held in Geneva on June 10, 2016. (Keystone) Swiss private banks are looking to capitalise on global banks' retreat from Southeast Asia, pushing deeper into the region as they seek to extend their range beyond Singapore to tap wealthy clients in less developed markets. Bordier & Cie is the latest wealth manager seeking partnerships with regional banks in markets including Vietnam, on the heels of a similar tie-up in Thailand between Lombard Odier and a local bank. Credit Suisse, too, is targeting rich Thais, setting up a team of relationship managers in Bangkok. Geneva-based Bordier & Cie said it is in talks with at least three regional institution...

Private banks, including Pictet and Lombard Odier, do not want to see the law changed Should Swiss taxpayers foot part of the bill for the criminal misbehaviour of companies? Private bankers believe that billions of francs in fines imposed by other countries for tax evasion offences should be tax deductible. The reason? Swiss banks should not be responsible for upholding the laws of foreign countries. Starting with a $780 million fine for UBS in 2009, the United States alone has hit more than 80 Swiss banks with penalties totalling well over $5 billion. More financial sanctions are expected, not just from the US but from France, Belgium and other countries. With the bill stacking up, t...