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swiss banks

October 25, 2011

Assets under management in UBS wealth division excluding the Americas declined by 3.7% during the third quarter of 2011, but the Swiss bank also posted better than expected net profits during the same period.

Assets under management in UBS's wealth division excluding the Americas declined by 3.7% during the third quarter of 2011, but the Swiss bank also posted better than expected net profits during the same period.

Read the full story at CampdenFO

October 4, 2011

UBS said it expects to report a “modest net profit” for the third quarter of the year despite suffering a $2.3 billion (€1.7 billion) loss in September for unauthorised trading.

UBS said it expects to report a “modest net profit” for the third quarter of the year despite suffering a $2.3 billion (€1.7 billion) loss in September for unauthorised trading.

Read the full story at CampdenFO.

September 15, 2011

UBS reports $2 billion (€1.45 billion) losses caused by unauthorised trading at its investment bank, the Swiss group said in a statement issued on 15 September.

UBS reports $2 billion (€1.45 billion) losses caused by unauthorised trading at its investment bank, the Swiss group said in a statement issued on 15 September.

Read the full story at CampdenFO.

September 8, 2011

The US government needs to avoid overstepping the limitations of the tax treaty signed with Swiss authorities or risk causing disturbances to the financial markets, according to a top investment expert.

The US government needs to avoid overstepping the limitations of the tax treaty signed with Swiss authorities or risk causing disturbances to the financial markets, according to a top investment expert.

Steffen Binder, research director at Switzerland’s MyPrivateBanking, told CampdenFB: “If the US tax authorities threaten criminal charges again to get access to information on tax evaders with Swiss accounts, it will heavily unsettle the financial markets. The event with UBS was a special case and one that should not be repeated.”

August 16, 2011

Switzerland may have renewed its reputation as a safe haven for investors in the last few years, but rich Asians are increasingly keeping their money in local financial institutions as the Alpine nation’s appeal as an offshore centre diminishes for these investors.

Switzerland may have renewed its reputation as a safe haven for investors in the last few years, but rich Asians are increasingly keeping their money in local financial institutions as the Alpine nation’s appeal as an offshore centre diminishes for these investors.

At a time when wealthy Europeans are pulling offshore accounts from Switzerland, the news that Asians are keeping more of their money at home looks set to further undermine Switzerland as an offshore financial centre.

August 8, 2011

The US government’s widening investigation into six more Swiss private banks could cause the country’s banks to cut all ties with American clients, according to a top London lawyer.

The US government’s widening investigation into six more Swiss private banks could cause the country’s banks to cut all ties with American clients, according to a top London lawyer.

Edward Reed, a partner at London-based Macfarlanes, told Campden: “Swiss private banks will begin to pull out from US exposed deals – they will stop handling not just US nationals, but also green card holders and anyone even remotely affected by tax regulations.”

March 2, 2011

Swiss bank UBS has made a number of appointments to its private banking business in what looks to be an effort on its part to improve relations with the US. The private banking business has also for the first time appointed a chief investment officer.

Swiss bank UBS has made a number of appointments to its private banking business in what looks to be an effort on its part to improve relations with the US. The private banking business has also for the first time appointed a chief investment officer.

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