UBS London staff learn about job cuts through swipe cards

UBS logo with keys

ZURICH, SWITZERLAND – Bank UBS issued a carefully worded press release Tuesday 30 October to explain how it plans to cut 10,000 jobs by 2015, but for many London employees of its investment bank, the news was delivered in a more jarring fashion. Hundreds of staff reportedly showed up for work Tuesday only to discover […]

UBS confirms job cut leaks: 10,000 to go, with 2,500 in Switzerland

ZURICH, SWITZERLAND – The rumours have been swirling hard for five days, that Switzerland’s largest bank, UBS, would cut 10,000 jobs, more than 15 percent of its work force, and close its investment bank. Tuesday morning 30 October UBS clarified: it will indeed reduce its payroll to 54,000 jobs by 2015 from today’s 64,000 as […]

Bank robber got nearly a million and a hit on the head, now to get prison

GENEVA, SWITZERLAND – One of the stranger sagas in bank robberies in the area is drawing to a close, with the thief awaiting sentencing after being convicted of trying and nearly succeeded in robbing the UBS just below Cornavin train station in Geneva. The Tribune de Geneve in a feature article 16 October recounts the […]

UBS whistleblower Birkenfeld gets $104 million reward from US gov’t

birkenfeld2

ZURICH, SWITZERLAND – Bradley Birkenfeld, released on good behaviour from a US prison 1 August (the Swiss national holiday) after 2.5 years of his 40-month sentence for failing to disclose his part in tax fraud (conspiracy to defraud) crimes, has been awarded $104 million for blowing the whistle on US clients of bank UBS. Birkenfeld’s […]

World’s biggest banks submit “living wills” in case of failure

GENEVA, SWITZERLAND – Nine of the world’s largest banks registered plans with US authorities mapping out what should be done if they run the danger of failing. The US Federal Deposit Insurance Corporation and the Federal Reserve released Tuesday 3 July portions of the so-called “living-wills” for the banks, which were required by the 2010 […]

Rain forest fund targets UBS in Zurich court

ZURICH, SWITZERLAND – Bank UBS is being accused of lack of due diligence by Swiss-based rainforest advocacy group Bruno Manser Fund (BMF). The charges are made in a filing with the Zurich public prosecutor and are linked to corruption in Malaysia in the forestry industry. A month earlier, Geneva Social Democrat Carlo Sommaruga filed a […]

Swiss bank surveillance gets tougher

BERN, SWITZERLAND – The Swiss financial surveillance body Finma will be keeping a closer eye on Swiss banks, particularly the two big banks UBS and Credit Suisse, under rules approved by the governing Federal Council Wednesday 23 May. Finma will work more closely with corporate auditors and strengthen its field team with the goal of […]

Business: UBS profits down 54%, Swisscom takes a dip (update)

Investors see the silver lining in UBS’s gray cloud ZURICH, SWITZERLAND – Switzerland’s largest bank, UBS, turned in a glum first quarter financial report 2 May, showing a net profit of CHF828 million, down by 54 percent compared to the same period a year earlier. An accounting charge led to a loss at the investment […]

When the heat is on, police catch bank robbers

GENEVA, SWITZERLAND – Bank and gas station robberies have become more frequent in western Switzerland in recent months, and police have stepped up efforts to catch them. Canton Valais’s operation Cobra bore fruit early Wednesday 25 April after a night-long mountain forest manhunt near the resort of Crans-Montana, with a dragnet that involved 200 police […]

Swiss trader loses typo case over millions, to JP Morgan

GENEVA. SWITZERLAND – A Swiss-based currency trader, Kai H, lost a case Monday 26 March where he claimed investment bank JP Morgan owed him millions. He sought 10 times what the bank said it promised to pay him when it hired him in 2010. The trader filed the claim in London’s Queens Court division of […]