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S U B S C R I B E
WRS stories about banks
How the SNB's 7 billion franc profit will benefit you
Thursday, 7 March, 2013
Nearly 7 billion francs—that’s how much the Swiss National Bank made in benefits last year. It sounds like a huge figure, but it is only half as much as back in 2011. The drop is mostly due to the lower price of gold and the higher Swiss franc. Host Jo Fahy asks WRS’s Lucas Chambers if we should be seeing the glass as half full or half empty and interviews Philippe Bacchetta, from the Swiss Finance Institute at the University of Lausanne :
Thursday, 7 March, 2013
Nearly 7 billion francs—that’s how much the Swiss National Bank made in benefits last year. It sounds like a huge figure, but it is only half as much as back in 2011. The drop is mostly due to the lower price of gold and the higher Swiss franc. Host Jo Fahy asks WRS’s Lucas Chambers if we should be seeing the glass as half full or half empty and interviews Philippe Bacchetta, from the Swiss Finance Institute at the University of Lausanne :
Pictet, Lombard Odier restructure ownership and possibly private banking
Wednesday, 6 February, 2013
Switzerland’s two largest private banks Pictet and Lombard Odier are changing their traditional banking structure and reorganizing their ownership. Many are wondering whether this has something to do with the Wegelin probe, and whether Geneva, a hub for private banking, could now suffer an economic backlash. WRS’s Alex Helmick discusses this with lawyer and expert in banking law Carlo Lombardini and Martin Brown, a professor of banking at the University of St Gallen:
Wednesday, 6 February, 2013
Switzerland’s two largest private banks Pictet and Lombard Odier are changing their traditional banking structure and reorganizing their ownership. Many are wondering whether this has something to do with the Wegelin probe, and whether Geneva, a hub for private banking, could now suffer an economic backlash. WRS’s Alex Helmick discusses this with lawyer and expert in banking law Carlo Lombardini and Martin Brown, a professor of banking at the University of St Gallen:
New UBS limits on banker pay 'a step in the right direction'
Tuesday, 5 February, 2013
After posting a 2012 loss of 2.5 billion francs, mostly from fines paid over an interest rate fixing scandal, banking giant UBS is making some changes in the way it pays its bankers—a move that aims to decrease risk. WRS’s Alex Helmick asks Stewart Hamilton, professor of accounting and finance at the IMD business school in Lausanne, whether UBS is finally headed in the right direction:
Tuesday, 5 February, 2013
After posting a 2012 loss of 2.5 billion francs, mostly from fines paid over an interest rate fixing scandal, banking giant UBS is making some changes in the way it pays its bankers—a move that aims to decrease risk. WRS’s Alex Helmick asks Stewart Hamilton, professor of accounting and finance at the IMD business school in Lausanne, whether UBS is finally headed in the right direction:
UBS amends client policy in move to eliminate untaxed assets
Monday, 21 January, 2013
Switzerland’s biggest bank, UBS, says from now on part of its terms and conditions requires that Swiss residents holding an account with them must fulfill their fiscal obligations. The new terms and conditions are for new and existing clients. UBS told WRS that “Article 9” is in line with the bank’s commitment to only managing taxed assets. WRS’s Alex Helmick speaks with Carlo Lombardini, a lawyer and expert in banking law, about how UBS is responding to growing pressures in the banking industry:
Monday, 21 January, 2013
Switzerland’s biggest bank, UBS, says from now on part of its terms and conditions requires that Swiss residents holding an account with them must fulfill their fiscal obligations. The new terms and conditions are for new and existing clients. UBS told WRS that “Article 9” is in line with the bank’s commitment to only managing taxed assets. WRS’s Alex Helmick speaks with Carlo Lombardini, a lawyer and expert in banking law, about how UBS is responding to growing pressures in the banking industry:
Rules 'must be enforced by the banks'
Monday, 21 January, 2013
Switzerland has come under fire in recent weeks for delaying the return of millions of dollars of assets linked to deposed Egyptian president Hosni Mubarak while it evaluates the institutions requesting the money. Seven hundred million francs have been frozen while that assessment is made. Swiss accounts allegedly hold illegal income from former heads of state of Tunisia, Egypt and Libya and from their families. But how did those funds get to Switzerland in the first place? And who was supposed to vet the money’s origin? WRS’s Tony Ganzer spoke with Monika Roth, a professor of compliance management and finance law at Lucerne’s University of Applied Sciences. She says the first responsibility lies with banks:
Monday, 21 January, 2013
Switzerland has come under fire in recent weeks for delaying the return of millions of dollars of assets linked to deposed Egyptian president Hosni Mubarak while it evaluates the institutions requesting the money. Seven hundred million francs have been frozen while that assessment is made. Swiss accounts allegedly hold illegal income from former heads of state of Tunisia, Egypt and Libya and from their families. But how did those funds get to Switzerland in the first place? And who was supposed to vet the money’s origin? WRS’s Tony Ganzer spoke with Monika Roth, a professor of compliance management and finance law at Lucerne’s University of Applied Sciences. She says the first responsibility lies with banks:
Germany targets lump sum tax expats
Thursday, 10 January, 2013
Tax seems to be the issue that never goes away for Switzerland. Although deals on taxing foreign client assets are now in effect for Austria and the UK, two major deals remain unsigned—with the U.S. and Germany. A German politician this week reportedly wanted harsher treatment of German citizens living in Switzerland who only pay a lump-sum tax. This echoed moves by the French government hoping to earn more tax revenue from citizens abroad. WRS’s Tony Ganzer asked University of Lausanne political scientist Georg Lutz why these countries are turning the screws on the Swiss?
Thursday, 10 January, 2013
Tax seems to be the issue that never goes away for Switzerland. Although deals on taxing foreign client assets are now in effect for Austria and the UK, two major deals remain unsigned—with the U.S. and Germany. A German politician this week reportedly wanted harsher treatment of German citizens living in Switzerland who only pay a lump-sum tax. This echoed moves by the French government hoping to earn more tax revenue from citizens abroad. WRS’s Tony Ganzer asked University of Lausanne political scientist Georg Lutz why these countries are turning the screws on the Swiss?
Pressure's on for Finma exec to step down
Friday, 21 December, 2012
The headlines this week make grim reading for Swiss banks. Prosecutors in the United States are charging two former UBS traders with taking part in the scheme to manipulate Libor and other benchmark interest rates. The bank also faces a rate-rigging probe in Hong Kong just a day after it agreed to pay a 1.5 billion dollar fine to regulators in the U.S., UK and Switzerland. Two former and one serving member of staff at Zurich Cantonal Bank are indicted in the U.S. for helping wealthy Americans hide their taxes from the authorities. And there are calls from left-wing politicians for the man in charge of regulating banks at the supervisory authority Finma to step down. Mark Branson was chief executive of UBS’s Japan unit from 2006 to early 2008 when traders at the unit allegedly requested false Libor submissions. WRS’s Vincent Landon has the details:
Friday, 21 December, 2012
The headlines this week make grim reading for Swiss banks. Prosecutors in the United States are charging two former UBS traders with taking part in the scheme to manipulate Libor and other benchmark interest rates. The bank also faces a rate-rigging probe in Hong Kong just a day after it agreed to pay a 1.5 billion dollar fine to regulators in the U.S., UK and Switzerland. Two former and one serving member of staff at Zurich Cantonal Bank are indicted in the U.S. for helping wealthy Americans hide their taxes from the authorities. And there are calls from left-wing politicians for the man in charge of regulating banks at the supervisory authority Finma to step down. Mark Branson was chief executive of UBS’s Japan unit from 2006 to early 2008 when traders at the unit allegedly requested false Libor submissions. WRS’s Vincent Landon has the details:
Dateline CH: New Year's resolutions for bankers
Thursday, 20 December, 2012
UBS was fined nearly 1.4 billion francs after it was accused of systematic abuse in fixing the Libor, the interbank lending rate. The money will go to U.S., UK and Swiss financial regulators. It’s more than triple the amount levied against Barclay’s bank over the same allegations. The BBC’s Imogen Foulkes reflects on how perceptions of bankers have changed:
Thursday, 20 December, 2012
UBS was fined nearly 1.4 billion francs after it was accused of systematic abuse in fixing the Libor, the interbank lending rate. The money will go to U.S., UK and Swiss financial regulators. It’s more than triple the amount levied against Barclay’s bank over the same allegations. The BBC’s Imogen Foulkes reflects on how perceptions of bankers have changed:
Libor probe found extensive misconduct at UBS
Wednesday, 19 December, 2012
In a damning report by financial authorities, UBS was accused of systematic practices of abuse over several years with regards to fixing of the Libor rate. Now Switzerland’s largest bank will pay nearly 1.4 billion francs in a settlement to U.S., UK and Swiss regulators—much more than originally expected. WRS’s Alex Helmick speaks to Stewart Hamilton, professor of accounting and finance at the IMD business school in Lausanne, who explains what the probe found:
Wednesday, 19 December, 2012
In a damning report by financial authorities, UBS was accused of systematic practices of abuse over several years with regards to fixing of the Libor rate. Now Switzerland’s largest bank will pay nearly 1.4 billion francs in a settlement to U.S., UK and Swiss regulators—much more than originally expected. WRS’s Alex Helmick speaks to Stewart Hamilton, professor of accounting and finance at the IMD business school in Lausanne, who explains what the probe found:
After all that scandal, is UBS's reputation still intact?
Monday, 17 December, 2012
It seems hardly a day goes by when UBS does not feature in the headlines. From the tax probe in the United States to a rogue trader in London, the rigging of Libor interest rates and an ongoing French investigation into tax evasion, UBS’s banking practices are under scrutiny. So what is the torrent of negative publicity doing for the bank’s reputation? WRS’s Vincent Landon puts this question to bank analyst Rainer Skierka of Bank Sarasin:
Monday, 17 December, 2012
It seems hardly a day goes by when UBS does not feature in the headlines. From the tax probe in the United States to a rogue trader in London, the rigging of Libor interest rates and an ongoing French investigation into tax evasion, UBS’s banking practices are under scrutiny. So what is the torrent of negative publicity doing for the bank’s reputation? WRS’s Vincent Landon puts this question to bank analyst Rainer Skierka of Bank Sarasin:
UBS expected to face $1 billion dollar settlement over Libor scandal
Thursday, 13 December, 2012
Multiple sources are telling news services that UBS faces a one billion dollar fine to settle charges of rigging the Libor interest rate. No one is speaking on the record about the matter, which is said to involve British, American and Swiss regulators, and UBS has declined to comment. British bank Barclay’s paid a fine of 450 million dollars in June for its involvement in the Libor scandal. The Libor rate underpins many of the interest rates used in everyday life, like mortgages and credit cards. WRS’s Alex Helmick gets the latest from Washington correspondent Daniel Ryntjes:
Thursday, 13 December, 2012
Multiple sources are telling news services that UBS faces a one billion dollar fine to settle charges of rigging the Libor interest rate. No one is speaking on the record about the matter, which is said to involve British, American and Swiss regulators, and UBS has declined to comment. British bank Barclay’s paid a fine of 450 million dollars in June for its involvement in the Libor scandal. The Libor rate underpins many of the interest rates used in everyday life, like mortgages and credit cards. WRS’s Alex Helmick gets the latest from Washington correspondent Daniel Ryntjes:
Why bank staff are losing their jobs
Thursday, 13 December, 2012
Unemployment is hitting the banking sector hard in Switzerland. In Geneva one in 10 people out of a job used to work at a bank. Investment divisions have been particularly hard hit. According to an investigation by the magazine Bilan and the public TV show Temps Présent, the banking sector’s contributions to GDP in the canton of Geneva has shrunk from 24 to 17 percent in just four years. WRS’s Lucas Chambers spoke to Myret Zaki, vice editor-in-chief of Bilan Magazine:
Thursday, 13 December, 2012
Unemployment is hitting the banking sector hard in Switzerland. In Geneva one in 10 people out of a job used to work at a bank. Investment divisions have been particularly hard hit. According to an investigation by the magazine Bilan and the public TV show Temps Présent, the banking sector’s contributions to GDP in the canton of Geneva has shrunk from 24 to 17 percent in just four years. WRS’s Lucas Chambers spoke to Myret Zaki, vice editor-in-chief of Bilan Magazine:
Why UBS is not being fined in Switzerland
Monday, 26 November, 2012
While British financial regulators have fined Swiss banking giant UBS 30 million pounds over major failings that allowed a rogue trader to lose 2.3 billion dollars, there has been no such fine from Swiss financial regulator FINMA. Instead, UBS will likely face more supervision, scrutiny from an independent auditor or stricter capital rules related to risks it may take. WRS’s Tony Ganzer asks University of Zurich legal researcher Franca Contratto whether FINMA’s actions are too soft:
Monday, 26 November, 2012
While British financial regulators have fined Swiss banking giant UBS 30 million pounds over major failings that allowed a rogue trader to lose 2.3 billion dollars, there has been no such fine from Swiss financial regulator FINMA. Instead, UBS will likely face more supervision, scrutiny from an independent auditor or stricter capital rules related to risks it may take. WRS’s Tony Ganzer asks University of Zurich legal researcher Franca Contratto whether FINMA’s actions are too soft:
