Switzerland Tax Evasion Cooperation
March 14, 2009 by Pegagus Pendrean · Leave a Comment
(AP Photo/Keystone, Peter Schneider, file) In this March 6, 2009 file photo, Swiss Federal President Hans-Rudolf Merz, head of the Federal Department of Finance, conducts a news conference in Bern, Switzerland.
Switzerland Tax Evasion Cooperation – The Swiss government said Friday, March 13, it would cooperate on cases of international tax evasion, breaking with a long-standing tradition of protecting wealthy foreigners accused of hiding billions of dollars in the Alpine nation.
The government insisted it would hold onto its cherished banking secrecy rules, but said other countries could now expect Swiss cooperation in cases where they provide compelling evidence of tax evasion. Read more
Rich Americans Sue UBS
February 26, 2009 by Pegagus Pendrean · Leave a Comment
Rich Americans Sue UBS - A group of nearly a dozen wealthy American clients have sued UBS in a Swiss court on Tuesday, in an effort to prevent the disclosure of their identities as part of a tax-evasion investigation by the US Department of Justice (DOJ). Read more
UBS Admits Tax Evasion Scheme
February 19, 2009 by Pegagus Pendrean · 1 Comment
UBS Admits Tax Evasion Scheme – Switzerland’s largest bank, UBS, has admitted helping wealthy Americans to evade US income taxes. According to US reports, the bank is now rolling over on those same clients, closing their accounts and ratting on them to the Internal Revenue Services (IRS). Read more
Credit Suisse Reports Huge Loss
February 11, 2009 by Pegagus Pendrean · Leave a Comment
Yesterday in our article entitled “UBS Makes Record Loss”we reported that UBS, Switzerland’s largest bank, had announced a 8.1 billion Swiss franc ($7 billion) net loss in the fourth quarter and a loss of 19.7 billion Swiss francs for 2008.
Credit Suisse Reports Huge Loss -Today, it’s the turn of Credit Suisse, Switzerland’s second-largest bank after UBS, which reported a 4th Quarter net loss of SFr6 billion ($5.2 billion) – its worst ever result – and a full-year loss of SFr8.2 billion ($7.09 billion).
The results are far worse than the 3.72-billion-franc loss analysts had excepted. Analysts had been forecasting a full-year net loss of around SFr6 billion and a loss of SFr4 billion for the fourth quarter. A year earlier Credit Suisse (nyse: CS – news – people ) had reported a full-year net profit of 7.8 billion francs.
Chief executive Brady W. Dougan blamed the result on a poor trading performance and restructuring charges and said in a statement today that the results were disappointing but noted that the Zurich-based bank had had a profitable start to 2009.
“While our full-year results are clearly disappointing, we entered 2009 with a very strong capital position, a robust business model, a clear strategy and well-positioned businesses,” commented CEO Brady Dougan.
Unlike its rival UBS, Credit Suisse hasn’t accepted any aid from the Swiss government, and CEO Brady Dougan told analysts Wednesday that it has remained a net provider of liquidity to the market throughout the credit crisis.
Credit Suisse shares dropped 6.3% in early Swiss trading. Most other European banking stocks also declined after Wall Street reacted negatively on Tuesday to the U.S. bank bailout plan.
UBS Makes Record Loss
February 10, 2009 by Pegagus Pendrean · 2 Comments
UBS Makes Record Loss and cuts thousands of jobs – Swiss bank UBS posted the biggest ever annual loss for a Swiss firm on Tuesday and is cutting some 2,000 jobs as it reported reported a 8.1 billion Swiss franc ($7 billion) net loss in the fourth quarter.
UBS’s loss for 2008 came in at 19.7 billion Swiss francs, above analysts’ predictions of 18.7 billion francs. Read more
Swiss Banking
November 17, 2008 by Pegagus Pendrean · Leave a Comment
Swiss Banking and Switzerland are well known internationally for its Swiss Bank Secrecy. What is probably not as well known is the fact that, historically, Swiss banks have been among the strongest, if not the strongest banks in the world, in terms of tier 1 capital and reserves. Read more
