Swiss Banks

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

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

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

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

Credit Suisse's 9,000 job cuts are foretaste of UBS takeover amid crisis

The merger creates significant overlaps. The two lenders together employed almost 125,000 people at the end of last year, with about 30% of the total in Switzerland

Credit Suisse faces crunch weekend as lifeline offers limited reprieve

The 167-year-old Swiss bank is the biggest name ensnared by market turmoil unleashed by the collapse of US lenders Silicon Valley Bank and Signature Bank over the past week

Credit Suisse shares soar by 30% after Swiss central bank aid announced

Credit Suisse's shares soared 30 per cent on Thursday after it announced it will move to shore up its finances by borrowing up to nearly USD 54 billion from the Swiss central bank, bolstering confidence as fears about the banking system moved from the US to Europe. It was a massive swing from a day earlier, when shares of Switzerland's second-largest commercial bank plunged 30 per cent on the SIX stock exchange after its biggest shareholder said it would not put more money into the Swiss lender. That dragged down other European banks after the collapse of some US banks stirred fears about the health of the global banks. Credit Suisse, which was beset by problems long before the US bank failures, said Thursday that it would exercise an option to borrow up to 50 billion francs (USD 53.7 billion) from the central bank. This additional liquidity would support Credit Suisse's core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank

Credit Suisse Group AG 'seriously breached' rules in Greensill case

The Swiss bank was ordered to take remedial measures by Finma, which include a periodic executive board level-review of the most important business relationships for counterparty risks

Committee of creditors may ask bidders to sweeten offers for RCap

As many as 55 companies submitted expressions of interest (EoIs) for Reliance Capital but only a few submitted binding bids

Credit Suisse to pay $495 mn to settle case linked to 2008 financial crisis

The Swiss bank said in a statement on Monday that it's "fully provisioned" for the payment, which will resolve claims tied to more than $10 billion in such securities

India gets 4th set of Swiss a/c details under auto info exchange framework

India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries. Officials said the new details shared with India pertain to "hundreds of financial accounts", including many cases of multiple accounts associated with some individuals, corporates and trusts. They did not divulge specifics, citing the confidentiality clause of the information exchange and the adverse impact it may have on further investigations, but asserted that the data would be used extensively in probes of suspected tax evasion and other wrong doings including of money laundering and terror funding. In a statement, the Federal Tax Administration (FTA) on Monday said that the exchange of information this year saw five new additions to the list -- Albania, Brunei Darussalam, Nigeria, Peru and Turkey. The count of financial ...

Rs 14,820 crore tax demand raised under black money law, says govt

On questions on money deposited in Swiss banks by Indians, Sitharaman said: "There is no official estimate of amount of money deposited by Indian citizens and companies in Swiss banks".

What are Swiss banks and how do they work?

Switzerland houses a number of banks famous for stashing huge amounts of wealth shielded by the country's age-old secrecy laws. Let's demystify the aura of secrecy around the banks there

Hundreds, including kids, feared trapped in theatre struck by Russia

At least 21 people were killed and 25 were injured on Thursday when Russian forces shelled a town in eastern Ukraine

Credit Suisse investors fear a long wait before the bank recovers

Credit Suisse reported a worse-than-expected $2.2 billion quarterly loss and warned of bleak prospects for 2022, when it said earnings would be hit by restructuring costs and pay

UBS clarifies it remains committed to India as advisory services move

Bloomberg on Wednesday reported that UBS planned to shut its global banking office in India and move investment banking coverage for the country offshore

Swiss banks faulted over violating money laundering with Venezuela clients

Switzerland's financial markets watchdog on Thursday said it has reprimanded and set restrictions on two Swiss banks for violating their obligation to fight money laundering in connection with clients in Venezuela, notably with links to state-run oil giant PDVSA. Banca Zarattini & Co. SA and CBH Compagnie Bancaire Helvetique SA were found to have breached their duties to put in place adequate risk-management policy, which represented a serious infringement of supervisory law, the Swiss Financial Markets Supervisory Agency, FINMA, said in a statement. FINMA said it was in contact with more than 30 Swiss banks over alleged cases of corruption with regard to Venezuela, and in particular PDVSA. It ultimately opened enforcement proceedings the highest level of scrutiny possible at the authority and wrongdoing was found at five banks including Julius Baer and Credit Suisse. The authority said the announcement Thursday ends all enforcement proceedings against banks with regard to ...

India gets 3rd set of Swiss bank details under auto info exchange framework

India had received the first set of details from Switzerland under AEOI (Automatic Exchange of Information) in Sept

India to get 3rd set of Swiss bank details in Sep; realty info included

India will get this month the third set of Swiss bank account details of its nationals under an automatic exchange of information pact with Switzerland

Indians' funds in Swiss banks rise to over Rs 20k cr: Swiss central bank

Funds held in Swiss banks by clients from UK, US decline; money from Bangladesh down too, but Pakistani funds double