Tag Archives: Business

Thiam says the bank is well positioned to achieve future profitable growth. Credit Suisse CEO Tidjane Thiam has reiterated that he had nothing to do with the spying scandal that recently rocked the bank. Thiam insisted that the debacle has not damaged business as the bank presented better than expected third quarter results. The bank doubled profits for the period to CHF881 million ($886 million) compared to Q3 2018. Its International Wealth Management division,...

Experts say about 192,000 people in Switzerland are at risk of gambling addiction. A small group has a compulsive gambling behaviour. An awareness campaign has been launched to help addicted online gamblers in Switzerland cope with their compulsive behaviour. An independent foundationexternal link said it published a special digital programme, Gambling without Addictionexternal link, with the authorities in most cantons of German-speaking Switzerland. It includes...

Most of the 2,700 jobs of GE Switzerland will be at two sites outside Zurich, notably in Baden and Birr. The American industrial conglomerate General Electric has announced a reduction in the number of planned layoffs at its subsidiaries in Switzerland. The company said a maximum of 200 people would lose their jobs at two of its sites west of Zurich. In June it had announced a figure of some 450. GE Switzerland said it was willing to help its staff find new jobs, the...

The Swiss financial sector has been leaking banks in recent years. A new private banking venture has joined the growing list of companies applying for licenses from the Swiss financial regulator. Tallyon aims to become a “next generation” private bank, riding the way of “radical change” in the industry. “Banking is to be redefined, and the use of technology should ensure that employees and customers receive a higher esteem than many banks do today,” says chairman...

Is it too early for Swiss workers to crack open the champagne over wages? Employees in Switzerland are expected to receive above-inflation pay rises for the first time since 2016, according to a survey of companies. On average, workers are forecast to take home a 1.1% pay hike – a rise of 0.9% when taking inflation into account. These are the findings of research portal Lohntendenzen.chexternal link, as reported by the NZZ am Sonntagexternal link newspaper. The...

A motorway underpass means the gutting of this district in Zurich and the loss of more affordable apartments. (© Keystone / Gaetan Bally) Under pressure to invest, Swiss pension funds are ploughing money into real estate, considered a safe and profitable option. As this drives up housing prices, however, desperate residents are fighting back through direct democracy. Building land in central Switzerland is scarce, and apartments and houses expensive, especially in...

Mark Zuckerberg appearing before the US Congress hearing into Libra. Mark Zuckerberg testified in front of the US Congress on Wednesday about his company’s plans to launch a new, global digital currency. During a marathon hearing, the Facebook chief executive and founder attempted to change the narrative surrounding Project Libra. The proposed currency has been beset by criticism from regulators and politicians, while support from corporate partners has dwindled. Mr...

Brunaupark from the air, with Credit Suisse’s Uetlihof building on the right (Keystone) In a modest Zurich neighbourhood, long-time residents of a sprawling apartment complex will lose their homes if a planned renewal project backed by a pension fund goes ahead. Similar projects are happening across Switzerland as funds invest heavily in real estate amid low interest rates. Fifteen minutes from Zurich’s main station by tram, the Brunaupark lies in the southwest of...

Some 92% when people in Switzerland are on the internet and nearly everyone under 55 is an internet user. (© Keystone / Gaetan Bally) The Swiss are using the internet more than ever but have growing angst about companies like Facebook violating their privacy. The consequence is a rising trend to self-censorship: not looking for certain information or not expressing oneself online. The average time the Swiss spend on the internet has doubled since 2011 to 25 hours a...

While the music industry has embraced technology, the luxury sector remains very conservative. (© Keystone / Salvatore Di Nolfi) Swiss luxury startups are finding it difficult to break into an established market that can be averse to change due to longstanding traditions. “When I was working for an auction house a couple of years ago the chairman handed me a gadget a client had given him. It was a USB stick and he did not know what it was.” This anecdote was shared...