Zurich mayor sheds US passport

Corine_Mauch_(cropped)

ZURICH, SWITZERLAND – Zurich’s mayor has become the latest celebrity in Switzerland to have the US Embassy in Bern punch holes in her passport as she gives up her US citizenship. Corinne Mauch, 52, was born in Iowa City, Iowa with dual Swiss-US citizenship, and she spent her early years in the Midwest. She has […]

Falciani says he took no money for HSBC names

Spanish court debates Swiss extradition demand for ex-Geneva computer man GENEVA, SWITZERLAND – Hervé Falciani, who famously handed over to the French government client data that he stole from his employer, HSBC’s Geneva office, said Monday 15 April that he has not received any money for providing the information. He also told a Spanish court […]

UBS posts 2012 loss of CHF2.51 billion

ZURICH, SWITZERLAND – Switzerland’s largest bank, UBS, finished 2012 with a loss of CHF2.51b, the company’s financial results, published Tuesdy 5 February, show. The bulk of it, CH1.89b, came in the fourth quarter. The results come as no surprise, except that the bank’s performance was slightly better than some analysts, cited by Swiss media, expected. […]

UBS targeted by US justice officials in Wegelin bank affair (correction)

Tina_turner_21021985_01_350

NY tribunal opens procedure against Switzerland’s largest bank for correspondent role Parliament: both houses’ oversight committees want to hear bank surveillance body on Libor scandal ZURICH, SWITZERLAND – Legal woes with US justice authorities are not over for UBS, with new legal proceedings in New York opened Monday 28 January against the bank to investigate […]

Wegelin pleads guilty to charges of aiding US tax evaders

Switzerland’s oldest bank to pay $58 million fine and close ZURICH, SWITZERLAND – Wegelin & Co. pleaded guilty Thursday 3 January to criminal conspiracy charges in the US, the first bank to do so among a group of Swiss banks under investigation by the US Department of Justice (official DOJ statement 3 January). Switzerland’s oldest […]

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 […]

UBS fine over rate setting sheds light on growing market fraud (update)

UBS New York headquarters

Update 22:00  ZURICH, SWITZERLAND – UBS, Switzerland’s largest bank, will have yet another large loss on its books, $1.5 billion in fines announced late 18 December, payable to US, UK and Swiss regulatory bodies, for its part in Libor rate-fixing between 2006 and 2010. US regulators will be paid $1.2b by the bank, which was […]

Bern says no more untaxed assets in Swiss banks

Self-declarations may be required but won’t be obligatory BERN, SWITZERLAND – The Swiss Federal Council signalled Friday afternoon that it wants clear rules that will end acceptance by Swiss banks of untaxed assets. The catch-22 facing those who will draw up the new rules is how to tell banks they can ask for auto-declarations but […]

Asset management the new mantra of post-wealth Swiss banks

Banking secrecy issues could be eclipsed by new focus BASEL, SWITZERLAND – The Swiss banking industry is not taking changes to its world lying down, with its traditional specialty of international wealth management looking increasingly fraught with difficulties. Asset management is the new buzz word for Swiss banks, whose Swiss Bankers Association (SBA) and Swiss […]

Switzerland announces Fatca tax deal with US (update 2)

President Widmer-Schlumpf: deal initialed Monday BERN, SWITZERLAND – The US and Switzerland have initialed an agreement covering Fatca, the US foreign account tax compliance act that goes into effect in 2013, Bern announced late Tuesday afternoon 4 December. A key success for the Swiss has been ensuring that small, primarily local banks can be excluded […]