Category: Swiss bank

Clients Pull Out $120 Billion From Credit Suisse as Bank Registers Fourth-Quarter Losses, Worst Year Since Financial Crisis

February 9, 2023
Business & MarketsCompaniesCredit Suisseeconomic outlookEuropeSwiss bankWorld
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Clients from Swiss global investment bank Credit Suisse pulled out a record amount of funds in the fourth quarter as the company posted a worse-than-expected net loss for the period amid declining confidence in the bank. The bank reported net outflows of 110.5 billion Swiss francs ($120.36 billion) in the fourth quarter, up from 12.9…

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UBS Quarterly Profit Disappoints, Set for Challenging Second Half

July 26, 2022
Business & MarketsCompaniesSwiss bankUBS
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ZURICH—UBS posted a smaller-than-expected quarterly profit as turmoil in financial markets hurt its investment banking and wealth management businesses, with analysts predicting the Swiss bank will see harsh conditions in the second half as well. The Zurich-based bank kicks off a round of earnings by major lenders across Europe, where analysts are watching for signs…

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Is Beijing Nervous as Switzerland Adopts EU Sanctions Against Russia?

March 4, 2022
ChinaOpinionRussiasanctionsSwiss bankThinking About China
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Commentary If the Chinese Communist Party (CCP) is still contemplating on how the world will react if it launches an attack on Taiwan, perhaps the current Swiss sanction on Russia could serve as a warning. So far, the European Union, the United States, and Japan have announced to ban Russian banks from the SWIFT financial…

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Corrupt CCP Officials Lose ‘Money Hideaway’ as Swiss Banking Secrecy Ends

January 6, 2022
Asia & PacificBank of Chinabanking secrecyCCP's hidden moneyChinaChina Business & EconomyEuropeSwiss bankWorld
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News Analysis The Swiss Federal Tax Administration (FTA) has almost completed its transfer of offshore customer information to hundreds of countries and territories, signifying that Switzerland—the world’s largest offshore financial center—has abandoned its three-centuries-old system of keeping bank customer’s information secret, and ending its use as a safe haven for the illegal funds of terrorists…

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Corrupt CCP Officials Lose Avenue to Stash Ill-Gotten Gains After Swiss Banking Secrecy Ends

January 6, 2022
AnalysisAsia & PacificBank of Chinabanking secrecyCCP's hidden moneyChinaChina Business & EconomyEuropeOpinionSwiss bankWorld
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News Analysis The Swiss Federal Tax Administration (FTA) has almost completed its transfer of offshore customer information to hundreds of countries and territories, signifying that Switzerland—the world’s largest offshore financial center—has abandoned its three-centuries-old system of keeping bank customer’s information secret, and ending its use as a safe haven for the illegal funds of terrorists…

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Switzerland Releases First China Strategy Focusing on Human Rights Angering Chinese Regime

March 23, 2021
BernChinaChina Human RightsChina StrategyEuropeHong Konghuman rightssanctionsSwiss bankSwitzerlandUyghurWorld
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The Swiss government released its first China Strategy on March 19 outlining its foreign policy towards China for 2021-2024 with a focus on the Chinese regime’s human rights abuses. The move provoked an angry reaction from the Chinese communist regime, which attacked Switzerland’s decision through its embassy on March 22. China’s State Council spokesperson also…

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