Rogue trader: UBS unexpected $2 billion dollar loss

ZURICH AND BASEL, SWITZERLAND – In a short, last-minute statement Switzerland’s largest bank UBS says it has “discovered a loss due to unauthorized trading [...] in the range of $2 billion US dollars. The UBS statement released to the media on 15 September says the loss happened due to “unauthorized trading by a trader in […]

Switzerland to guarantee bank deposits up to CHF100,000

Bern, Switzerland (GenevaLunch) – Bank deposits in Switzerland up to CHF100,000 will be covered in case the bank gets into trouble, and depositors should be paid within 20 days. The Swiss government proposal  foresees a two-tier system: a public guarantee fund with CHF9.75 billion to be funded by the banks in the first tier. Then, […]

Swiss financial markets regulators learned from banking crisis

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Bern, Switzerland (GenevaLunch) – The Swiss Financial Market Supervisory Authority (Finma) recognizes that no one was completely prepared for the financial crisis that hit Switzerland in August 2007 nor did they realize the extent of the dangers the crisis posed, Finma says in a report 14 September. But effective remedial action was taken quickly by […]

UBS preparing “charm” marketing campaign

Zurich, Switzerland (TSR, Fre) – UBS Wednesday will unveil a new charm offensive in a four-week campaign featuring clients who are happy with the bank, according to Cash, German-speaking Switzerland’s business and finance magazine published in Zurich. The campaign is reportedly designed to rebuild consumer confidence in the bank and features clients – but not […]

Credit Suisse confirms Q3 losses

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Zurich, Switzerland (GenevaLunch) - Credit Suisse Group is confirming Q3 losses in line with the announcement made on 16 October.