Swiss drug maker Novartis announced Tuesday it is cutting 2,000 jobs mainly in Switzerland and the United States, as the company looks to save hundreds of millions of dollars. Novartis will create 700 new positions in lower cost countries. The cost reductions will be implemented over the next three to five years. The announcement was […]
Swiss Lower House Approves Burqa Ban
Posted September 28th, 2011 at 12:06 pm (UTC-5)
The lower house of Switzerland’s parliament has approved a ban on burqas and other face covering veils in certain public places. By a margin of 101-77 Wednesday, the lower house voted to outlaw the face coverings on public transportation and when dealing with authorities. The measure was backed by Oskar Freysinger of the nationalist Swiss […]
Trading Scandal Chases Swiss Banking Executive
Posted September 24th, 2011 at 9:30 am (UTC-5)
The chief executive of Switzerland’s biggest bank is stepping down after a trading scandal cost the financial institution $2.3 billion. UBS announced Oswald Gruebel’s resignation Saturday. Bank Chairman of the Board of Directors Kaspar Villiger said in a statement that the bank had wanted Gruebel to stay on but that the chief executive felt he […]
UBS Chief Resigns Amid Scandal
Posted September 24th, 2011 at 6:55 am (UTC-5)
The chief executive of Swiss banking giant UBS resigned Saturday to take responsibility for a multi-billion-dollar rogue trading loss. Oswald Gruebel handed in his resignation, which was accepted by the UBS board of directors in Zurich. A bank statement said UBS Europe chief Sergio Ermottie has been named as interim CEO effective immediately. London-based trader […]
Britain Jails Suspect in Swiss Bank Fraud
Posted September 16th, 2011 at 1:40 pm (UTC-5)
An equities trader accused in a fraud scheme that allegedly cost Swiss bank UBS $2 billion has been ordered held in custody by a British court. The presiding magistrate said Friday that Kweku Adoboli will be jailed until another court appearance next Thursday. The 31-year-old Adoboli faces one charge of fraud by abuse of position […]
British Jails Trader Suspected in Swiss Bank Fraud
Posted September 16th, 2011 at 12:40 pm (UTC-5)
An equities trader accused in a fraud scheme that allegedly cost Swiss bank UBS $2 billion has been ordered held in custody by a British court. The presiding magistrate said Friday Kweku Adoboli will be jailed until another court appearance next Thursday. The 31-year-old Adoboli faces one charge of fraud by abuse of position and […]
Police Arrest Man In Swiss Bank Trading Fraud Probe
Posted September 15th, 2011 at 6:50 am (UTC-5)
Police in London say they have arrested a man accused in a trading scheme that allegedly cost Swiss bank UBS about $2 billion. Police say the man was taken into custody Thursday on the suspicion of abusing his position to commit fraud. UBS had announced earlier Thursday that actions of the suspected rogue trader could […]
Swiss Bankers Call on Government in U.S. Tax Row
Posted September 5th, 2011 at 1:11 pm (UTC-5)
The chairman of the Swiss Bankers Association has called on the government to create a “united front” representing Swiss interests in the face of a growing tax dispute with Washington. Swiss news reports on Sunday said the United States had presented an ultimatum to Switzerland, demanding that it provide detailed information on thousands of U.S. […]
Swiss media Report US Ultimatum on Tax Cheats
Posted September 4th, 2011 at 2:00 pm (UTC-5)
Swiss news reports say the United States has presented an ultimatum to Switzerland, demanding that it provide detailed information about thousands more U.S. citizens suspected of using Swiss banks to cheat on their taxes. The reports quote an August 31 letter from U.S. Deputy Attorney General James Cole requesting detailed data on suspected tax evasion […]
Swiss media Report US Ultimatum on Tax Cheats
Posted September 4th, 2011 at 12:05 pm (UTC-5)
Swiss news reports say the United States has presented an ultimatum to Switzerland, demanding that it provide detailed information about thousands more U.S. citizens suspected of using Swiss banks to cheat on their taxes. The reports quote an August 31 letter from U.S. Deputy Attorney General James Cole requesting detailed data on suspected tax evasion […]
