Swiss business roundup: ABB, Credit Suisse, HSBC, Logitech, Novartis (update)

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ZURICH, SWITZERLAND – In Swiss business news this week: ABB makes solar power move, European trains deal ABB and Power-One siad Monday that their boards have agreed to a transaction in which ABB will acquire Power-One for $1.028 billion equity value. Power One provides renewable energy and energy-efficient power conversion and power management solutions. ABB […]

Credit Suisse takes on Morgan Stanley wealth clients

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ZURICH, SWITZERLAND – Credit Suisse has agreed to buy Morgan Stanley’s non-Swiss wealth business in the Europe, Africa and Middle East, for an undisclosed sum. The business, with more than $13 billion in assets under management “are based in the UK, Italy and Dubai, serving predominantly international ultra high net worth (UHNW) and high net […]

Credit Suisse’s Dougan gets CHF2m more, bank sets aside

ZURICH, SWITZERLAND – Brady Dougan isn’t the person who sets his pay, as chief executive officer and not chairman of the board of Credit Suisse. But his 34 percent increased compensation in 2012 is likely to set tongues wagging in Switzerland, following a vote three weeks ago in favour of curbing executive pay. The bank’s […]

Geneva’s SIG wins 1 of 6 Swiss energy prizes

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BERN / GENEVA, SWITZERLAND – The Swiss Watt d’Or awards for the best energy performance in the previous year have been awarded in Bern, to six companies and projects out of a starting field of 74. The awards are given at the start of January each year. The six 2013 winners include Geneva’s SIG, the […]

Magnitski affair re-surfaces in Switzerland

Funds reportedly blocked at Credit Suisse on order of public prosecutor ZURICH, SWITZERLAND – The case that has come to be known as the Magnitski affair has re-surfaced in Switzerland, with Tages-Anzeiger in Zurich reporting that Credit Suisse has blocked additional funds with a link to the case. The Swiss federal public prosecutor has been […]

Credit Suisse to shut 3 branches, cut 150 jobs in Germany

ZURICH, SWITZERLAND – Credit Suisse has now confirmed to two Swiss news agencies that it will be cutting 150 jobs out of 500 and closing three of its 12 branch offices in Germany. Staff were reportedly given the news Tuesday by the bank. The closures and cutbacks are part of a reorganization of its operations […]

SNB interest rate to remain at zero, unemployment could rise

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ZURICH, SWITZERLAND – The Swiss National Bank said Thursday 13 December it will maintain its cap on the Swiss franc as well as its zero interest rate policy, for the foreseeable future. SNB President Thomas Jordan told journalists that “Global uncertainty will persist for the foreseeable future and drive demand for secure investments.” The Swiss […]

Credit Suisse to cut 300 jobs, combine units

ZURICH, SWITZERLAND – Bank Credit Suisse will eliminate up to 300 jobs in Switzerland as part of restructuring measures announced two weeks ago, to cut costs by CHF4 billion by 2015. Employees were informed Friday morning 9 November. Those affected are mainly at management level in Private Clients Switzerland and Private Banking Switzerland, two units […]

Swiss say new US demands slowing down tax deal

Credit Suisse asked by US Dept. of Justice for new data on old clients ZURICH, SWITZERLAND – A deal to settle investigations of some Swiss banks by the US Department of Justice (DOJ) may not be found before November and the US presidential election, as earlier suggested, the ambassador leading the talks for Switzerland suggested […]

Credit Suisse shares hit 52-month low

Company said Wednesday it is building capital in answer to central bank criticism ZURICH, SWITZERLAND – Credit Suisse shares hit a 52- month low Friday 20 July, at $16.94 a share, despite news earlier this week of a 2.6 percent increase in net profit. The bank, Switzerland’s second largest, said Wednesday it will be adding […]