Search Results for: Swiss bank
Bank Pays $400m Fine For Aiding US Tax Evasion
January 5th, 2015
A leading Israeli bank has agreed to pay the US government $400 million compensation for helping US customers evade tax. Bank Leumi confessed to advising 1,500 wealthy Americans how to evade taxes over several years. The bank ran secret ...
Citi Sees Gold as Bitcoin Says Swiss Vote Makes No Sense
November 27th, 2014
The initiative requiring the Swiss National Bank to hold a fixed portion of its assets in gold makes no sense, according to Citigroup Inc., which said the metal was the equivalent of the virtual currency bitcoin. “There is no economic or ...
FCA fines five banks £1.1 billion for FX failings
November 12th, 2014
The Financial Conduct Authority (FCA) has imposed fines totalling £1,114,918,000 ($1.7 billion) on five banks for failing to control business practices in their G10 spot foreign exchange (FX) trading operations: Citibank N.A. £225,575,000 ($358 million), HSBC Bank Plc £216,363,000 ...
Regulators fine global banks $3.4 billion in forex probe
November 12th, 2014
Global regulators imposed penalties totaling $3.4 billion on five major banks, including UBS (UBSN.VX), HSBC (HSBA.L) and Citigroup (C.N) on Wednesday for failing to stop their traders from trying to manipulate foreign exchange markets. Royal Bank of Scotland (RBS.L) and JP ...
FINMA reprimands Coop Bank for market abuse
October 29th, 2014
FINMA, the Swiss financial regulator, condemned the Coop Bank for manipulating the market price of its own bearer shares from 2009 to 2013. Its actions constituted a serious violation of supervisory provisions on market manipulation and an infringement of its organisational ...
EU to fine JPMorgan, UBS, Credit Suisse over Swiss franc Libor rigging
October 21st, 2014
European Union antitrust regulators are set to fine JPMorgan (JPM.N), UBS (UBSN.VX) and Credit Suisse (CSGN.VX) collectively over $115 million for rigging Swiss franc Libor benchmark interest rates, a person familiar with the matter told Reuters. Royal Bank of ...
Ex-UBS Banker Tax Trial Rides on Underling’s Credibility
October 14th, 2014
Raoul Weil, once the head of UBS AG ’s global wealth management business, faces a criminal trial that may turn on the credibility of a former subordinate who says he and Weil helped Americans evade taxes. Jury selection is ...
FINMA initiates bankruptcy proceedings against Espirito Santo
September 22nd, 2014
The Swiss Financial Market Supervisory Authority FINMA initiated bankruptcy proceedings against Banque Privée Espírito Santo SA. FINMA found that the bank, which has been in voluntary liquidation since July 2014, was over-indebted. According to current estimates, the bank is ...
Swiss economy influenced by Eurozone
September 3rd, 2014
Switzerland’s economy unexpectedly flatlined in the second quarter as trade took a hit from stagnation in its main export market, Europe, and a dip in construction spending. The data, missing forecasts of a 0.5 per cent increase from the ...
Royal Bank of Scotland to offload global Coutts arm
August 12th, 2014
Royal Bank of Scotland said it planned to sell the international operations of Coutts, its private bank for wealthy clients including Queen Elizabeth II and David Beckham, just months before the unit is expected to be fined for helping ...
