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S U B S C R I B E
WRS stories about banks
Questions of criminal indictments surround U.S.-Swiss banks deal
Thursday, 27 October, 2011
American tax experts have raised concerns about the nature of a reported deal between major Swiss banks and the United States. The newspaper Handelszeitung is reporting that 17 Swiss banks are now under scrutiny. A group of 11 Swiss financial institutions are preparing for a sweeping multi-billion dollar settlement on civil matters, according to an earlier report by Bloomberg. However, a critical question for the Swiss banks has yet to be addressed in public thus far, over whether potential criminal actions are also being resolved. This criminal aspect is a much more significant threat to the future profitability of banks like Credit Suisse who have major U.S. and international investment banking operations. WRS Washington correspondent Daniel Ryntjes has this report:
Thursday, 27 October, 2011
American tax experts have raised concerns about the nature of a reported deal between major Swiss banks and the United States. The newspaper Handelszeitung is reporting that 17 Swiss banks are now under scrutiny. A group of 11 Swiss financial institutions are preparing for a sweeping multi-billion dollar settlement on civil matters, according to an earlier report by Bloomberg. However, a critical question for the Swiss banks has yet to be addressed in public thus far, over whether potential criminal actions are also being resolved. This criminal aspect is a much more significant threat to the future profitability of banks like Credit Suisse who have major U.S. and international investment banking operations. WRS Washington correspondent Daniel Ryntjes has this report:
Bilan says UBS rogue trader may not have acted alone
Thursday, 20 October, 2011
Did the so-called rogue trader who lost Swiss banking giant UBS $2.3 billion really act alone? Bilan magazine raised the question this week, saying the banking group’s internal investigators may soon conclude that Kweku Adoboli’s managers knew what he was up to. But since the affair came to light, UBS has only ever referred to a single trader, carrying out “unauthorized trades.” Adoboli is expected in court in London later today and UBS is to publish its third quarter results next week. WRS’s Dave Goodman talks to Myret Zaki, deputy editor of Bilan and the author of a book on UBS’s woes following the sub-prime crisis, UBS: Les dessous d’un scandale:
Thursday, 20 October, 2011
Did the so-called rogue trader who lost Swiss banking giant UBS $2.3 billion really act alone? Bilan magazine raised the question this week, saying the banking group’s internal investigators may soon conclude that Kweku Adoboli’s managers knew what he was up to. But since the affair came to light, UBS has only ever referred to a single trader, carrying out “unauthorized trades.” Adoboli is expected in court in London later today and UBS is to publish its third quarter results next week. WRS’s Dave Goodman talks to Myret Zaki, deputy editor of Bilan and the author of a book on UBS’s woes following the sub-prime crisis, UBS: Les dessous d’un scandale:
'Occupy Wall Street' protestors march in Swiss cities
Monday, 17 October, 2011
Inspired by Wall Street protestors in New York, demonstrations sprung up all over the world this weekend, and Switzerland was no exception. Hundreds of people gathered to “occupy” space in Geneva, Bern and Basel. And in Zurich, about 1,000 people from diverse political interests crowded the Paradeplatz, home of banks Credit Suisse and UBS and seen as Switzerland’s financial heart. While demonstrations remained peaceful there were disruptions—some tram lines were closed because too many people blocked the tracks. Some demonstrators are still camping in Zurich this morning, urging changes to banks, government and the financial system. WRS’s Tony Ganzer reports from the heart of the protest at Paradeplatz:
Monday, 17 October, 2011
Inspired by Wall Street protestors in New York, demonstrations sprung up all over the world this weekend, and Switzerland was no exception. Hundreds of people gathered to “occupy” space in Geneva, Bern and Basel. And in Zurich, about 1,000 people from diverse political interests crowded the Paradeplatz, home of banks Credit Suisse and UBS and seen as Switzerland’s financial heart. While demonstrations remained peaceful there were disruptions—some tram lines were closed because too many people blocked the tracks. Some demonstrators are still camping in Zurich this morning, urging changes to banks, government and the financial system. WRS’s Tony Ganzer reports from the heart of the protest at Paradeplatz:
Swiss to join global call for Wall Street-style protests this weekend
Friday, 14 October, 2011
It began in Spain, took Wall Street by surprise and now its Switzerland’s turn. Anger against the establishment and powerful banks are bringing people out on the streets in a way not seen internationally for decades. Demonstrations are planned for this weekend in Basel and Geneva, but it’s Zurich that’s the real worry. Given recent clashes with police, the odds seem stacked against a peaceful march on Paradeplatz. WRS’s Lucas Chambers has more:
Friday, 14 October, 2011
It began in Spain, took Wall Street by surprise and now its Switzerland’s turn. Anger against the establishment and powerful banks are bringing people out on the streets in a way not seen internationally for decades. Demonstrations are planned for this weekend in Basel and Geneva, but it’s Zurich that’s the real worry. Given recent clashes with police, the odds seem stacked against a peaceful march on Paradeplatz. WRS’s Lucas Chambers has more:
UBS expert: 'Greece will default on its debt'
Thursday, 13 October, 2011
It’s only a matter of time before Greece defaults—that’s the view of UBS economists who aren’t asking if but when. On Wednesday they briefed the media on how they see the European sovereign debt crisis playing out. WRS’s Vincent Landon spoke to Dirk Faltin, head of thematic research at UBS, and began by asking him for the most likely scenario:
Thursday, 13 October, 2011
It’s only a matter of time before Greece defaults—that’s the view of UBS economists who aren’t asking if but when. On Wednesday they briefed the media on how they see the European sovereign debt crisis playing out. WRS’s Vincent Landon spoke to Dirk Faltin, head of thematic research at UBS, and began by asking him for the most likely scenario:
Bankers: Tax Justice Network has 'always hated' Switzerland
Tuesday, 4 October, 2011
The British-based Tax Justice Network has released a report citing Switzerland as the No. 1 in financial secrecy. And in this case being No. 1 is not a good thing. The Network says Switzerland isn’t doing enough to be transparent and cutting deals with the United Kingdom and Germany only facilitates the problem. But the Tax Justice Network has it in for Switzerland, according to Michel Dérobert, secretary general of the Swiss Private Bankers Association. WRS’s Alex Helmick asks Dérobert to elaborate on that:
Tuesday, 4 October, 2011
The British-based Tax Justice Network has released a report citing Switzerland as the No. 1 in financial secrecy. And in this case being No. 1 is not a good thing. The Network says Switzerland isn’t doing enough to be transparent and cutting deals with the United Kingdom and Germany only facilitates the problem. But the Tax Justice Network has it in for Switzerland, according to Michel Dérobert, secretary general of the Swiss Private Bankers Association. WRS’s Alex Helmick asks Dérobert to elaborate on that:
Swiss score the worst on financial secrecy index
Tuesday, 4 October, 2011
An international organization fighting against financial secrecy has named Switzerland as top of its new ranking. The Tax Justice Network publishes its Financial Secrecy Index—and Switzerland does not score well. The research reveals the biggest offenders are the countries of the Organization for Economic Cooperation and Development—an alliance of western nations which includes Switzerland. WRS’s Dave Goodman talks to John Christensen, director of the Tax Justice Network:
Tuesday, 4 October, 2011
An international organization fighting against financial secrecy has named Switzerland as top of its new ranking. The Tax Justice Network publishes its Financial Secrecy Index—and Switzerland does not score well. The research reveals the biggest offenders are the countries of the Organization for Economic Cooperation and Development—an alliance of western nations which includes Switzerland. WRS’s Dave Goodman talks to John Christensen, director of the Tax Justice Network:
Grübel walks away from UBS post
Monday, 26 September, 2011
Switzerland’s biggest bank UBS has lost its third director in four years. Oswald Grübel resigned this weekend over the rogue trading scandal at its investment banking arm that cost the bank some 2.3 billion francs. The bank’s EMEA chief Sergio Ermotti will step in as interim CEO effective immediately. For reaction, WRS’s Pete Forster speaks to shareholder activist Edward Dommen:
Monday, 26 September, 2011
Switzerland’s biggest bank UBS has lost its third director in four years. Oswald Grübel resigned this weekend over the rogue trading scandal at its investment banking arm that cost the bank some 2.3 billion francs. The bank’s EMEA chief Sergio Ermotti will step in as interim CEO effective immediately. For reaction, WRS’s Pete Forster speaks to shareholder activist Edward Dommen:
How to spot a rogue trader
Friday, 23 September, 2011
Former UBS trader Kweku Adoboli has been remanded in custody for a further month after appearing in court for a second hearing in London. He now faces an additional charge of fraud as well as two of false accounting dating back to 2008. The British-educated Ghanaian has become the focus of global media attention after being linked to the estimated $2.3 billion loss at the UBS banking group. The question on everyone’s minds is how the bank could not have spotted the error, and more curiously, is it possible to spot a rogue trader? Sandra Gathmann reports from London:
Friday, 23 September, 2011
Former UBS trader Kweku Adoboli has been remanded in custody for a further month after appearing in court for a second hearing in London. He now faces an additional charge of fraud as well as two of false accounting dating back to 2008. The British-educated Ghanaian has become the focus of global media attention after being linked to the estimated $2.3 billion loss at the UBS banking group. The question on everyone’s minds is how the bank could not have spotted the error, and more curiously, is it possible to spot a rogue trader? Sandra Gathmann reports from London:
Business Report: Rogue trader deals latest blow to UBS
Friday, 16 September, 2011
UBS shares tumbled about 10 percent yesterday following news that one of thertaders at its investment bank had made unauthorised trades to the tune of $2 billion. So how does this keep happening? Henk Potts weighs in. Plus a look at the big meeting of financial heads in Poland today:
Friday, 16 September, 2011
UBS shares tumbled about 10 percent yesterday following news that one of thertaders at its investment bank had made unauthorised trades to the tune of $2 billion. So how does this keep happening? Henk Potts weighs in. Plus a look at the big meeting of financial heads in Poland today:
UBS should have had controls to catch rogue trader, says IMD finance expert
Thursday, 15 September, 2011
According to a short statement issued by the UBS this morning, unauthorized trading in its investment banking arm has resulted in $2 billion in losses and might result in a third quarter loss for the bank. The UK’s Daily Telegraph is reporting the arrest of a 31-year-old trader in relation to the matter. Commentators are already drawing parallels to the Jerome Kerviel, the rogue trader that cost French Bank Société Générale nearly €5 billion in 2008. WRS’s Pete Forster speaks to Stewart Hamilton, professor of accounting and finance at IMD business school, who is not surprised it happened again:
Thursday, 15 September, 2011
According to a short statement issued by the UBS this morning, unauthorized trading in its investment banking arm has resulted in $2 billion in losses and might result in a third quarter loss for the bank. The UK’s Daily Telegraph is reporting the arrest of a 31-year-old trader in relation to the matter. Commentators are already drawing parallels to the Jerome Kerviel, the rogue trader that cost French Bank Société Générale nearly €5 billion in 2008. WRS’s Pete Forster speaks to Stewart Hamilton, professor of accounting and finance at IMD business school, who is not surprised it happened again:
Banking secrecy's final hour?
Wednesday, 14 September, 2011
Yesterday the Federal Council finally published a text that would give the United States more leeway in getting information on potential tax evaders. If Parliament approves the modification to current Swiss law, it will be a serious blow to what’s left of banking secrecy. WRS’s Dave Goodman turns to our political correspondent Jordan Davis who’s following the story from the Federal Palace in Bern:
Wednesday, 14 September, 2011
Yesterday the Federal Council finally published a text that would give the United States more leeway in getting information on potential tax evaders. If Parliament approves the modification to current Swiss law, it will be a serious blow to what’s left of banking secrecy. WRS’s Dave Goodman turns to our political correspondent Jordan Davis who’s following the story from the Federal Palace in Bern:
