Credit Suisse is preparing a new cost-savings program that puts as many as 1,300 jobs in Switzerland on the line, according to Schweiz am Sonntag. The plan will be announced Wednesday, when the lender holds its investor day in London, the newspaper said, without saying where it got the information. Credit Suisse’s Swiss unit may slash an additional 1,000 to 1,300 positions, or about eight to 10 percent of the unit’s workforce, it said. Last week, Bloomberg reported that the group is cutting about 175 jobs in London to lower costs, part of its overhaul that sees the lender focusing more on wealth management.
The Swiss government plans to dramatically increase international cooperation on fiscal transparency, sharing private information about clients of the country's banks. The automatic exchange of information (AEOI) on bank accounts will be spread to 22 more countries, including Argentina, Mexico, Brazil, and Uruguay as well as India and South Africa, according to the Federal Department of Finance. The move aims to put an end to Switzerland's long-protected banking secrecy practices as well as stopping wealthy foreigners from hiding their undeclared income in the country.
Italian Prime Minister Matteo Renzi vowed to resign after suffering a crushing defeat on Sunday in a referendum on constitutional reform, tipping the euro zone's third-largest economy into political turmoil. In a late-night news conference, he said he took responsibility for the outcome, and said the No camp must now make clear proposals. With most ballots counted, the No vote leads with 60% against 40% for Yes.
The super-rich residents in Switzerland are becoming richer, as admitted by the business magazine "Bilanz": the 300 people wealthiest residents in the Confederation together have 613 billion francs (+18.6 billion compared to 2015). The ranking continues to be headed by the Kamprad family: the children of the founder of Ikea boast, according to "Bilanz", a fortune of 45/46 billion francs, an increase of one billion a year. Number two is the Brazilian-Swiss beer baron Jorge Lemann, who owns part of the world’s largest brewer ABInBev. His wealth fell by CHF1 billion to CHF 27-28 billion.
The Bank of Mexico governor, Agustín Carstens, will step down in July 2017 to become the next general manager of the Bank for International Settlements. Carstens will serve as general manager of the BIS, which is headquartered in Basel, Switzerland, for a five-year term, succeeding Jaime Caruana, who has been in the position since 2009. The bank is the world’s oldest international financial institution and serves as a bank for central banks. Its goal is to foster international monetary and financial cooperation. It hosts bimonthly meetings of top central bank officials and publishes regular research reports.
The yellow metal's price had slightly surged on Friday morning, as the bullion had touched the 1,177.62 mark. However, the metal reached the upper trend line of a short term descending channel pattern, and began to retreat. Meanwhile, daily aggregate technical indicators forecast no changes in the pair. By combining the two factors it seems clear that the rate will fall below to the weekly S1 at 1,162.76 and rebound against it to surge back to a level very close to the opening price of 1.170. In addition, this would then be the third time the weekly S1 would stop the fall of the commodity price.
UBS has announced on Thursday that it is launching a Frankfurt headquarters as it consolidates its European wealth management operations. The bank had been considering London, before its vote to leave the European Union, as the UBS Europe headquarters, as well as well Luxembourg. The new subsidiary, called UBS Europe SE, combines the bank’s German, Italian, Luxembourg, Austrian, Danish, Swedish, Dutch and Spanish wealth management businesses into one legal entity headquartered in the german town. The new set-up is also part of efforts by UBS to streamline its structure as it looks to cut costs by a net 2.1 billion Swiss francs ($2.07 billion) by the end of 2017.
WikiLeaks’ public donation address recently received its 4000th bitcoin. The nonprofit whistle blower site, which to a large extent relies on donations, reached this milestone on November 12, with well over 25,000 incoming transactions over five years time. The total amount of bitcoins WikiLeaks received is even higher, as the media organization also lets users generate custom Bitcoin donation addresses if they prefer not to donate to the public address. The post "WikiLeaks Has Raised 4,000 BTC Since 2011" appeared first on Bitcoin News.
Switzerland's economic growth remained unchanged unexpectedly in the third quarter as increase in investment was offset by net trade, the State Secretariat for Economic Affairs said Friday. In a report, Federal Statistical Office said that Swiss GDP remained unchanged at a seasonally adjusted 0.0%, from 0.6% in the preceding quarter. On the expenditure side, household spending gained 0.1 percent, while government expenditure dropped 0.1 percent. Equipment and software investment as well as construction investment climbed 0.5 percent each.
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