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Swiss Private Bank To Slash 100 Jobs

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Submitted by Financial Adviser on Thu, 06/21/2012 - 12:24
Union Bancaire Privee, the Swiss private bank, has confirmed that it is planning to cut 100 jobs.
 
The job losses, which will mostly be Zurich-based, are concentrated at operational and support roles, a spokesperson confirmed to this publication.
 
The development is part of a restructuring stemming from the bank’s purchase of ABN Amro's Swiss private banking operation, announced last summer.
 
UBP had no further comments when contacted by this publication.
 

FSA Slaps One Of Its Biggest Fines On UK Bank, Slams Anti-Money Laundering Failures

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Submitted by Financial Adviser on Mon, 03/26/2012 - 20:45

Coutts, the UK private bank, has been fined £8.75 million (around $13.8 million) by the Financial Services Authority, the sixth-largest fine ever handed out by the regulator, for failing to take reasonable care to establish and maintain effective anti-money laundering systems and controls relating to high-risk customers, including “politically exposed persons”.

UBS Profit Drops 76% on Investment Bank Loss

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Submitted by Financial Adviser on Wed, 02/08/2012 - 00:48
From Bloomberg:
 
UBS AG, Switzerland’s biggest bank, said fourth-quarter profit dropped 76 percent after its investment bank reported a second consecutive quarterly loss.
 

Davos and Dangerous Species of Bankers

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Submitted by Financial Adviser on Wed, 01/25/2012 - 21:08

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