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☆ Switzerland says UBS may need more cash. The bank is fuming
▼ + stars: | 2024-04-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

Now, the giant Swiss lender is hitting back, saying its finances are robust and warning that the proposal could harm Switzerland’s standing as a global financial center. “There can be no regulatory solution for a broken business model,” he continued, referring to Credit Suisse. UBS bought its stricken rival last March in a government-orchestrated rescue aimed at preventing a global financial crisis. It was not too-low capital requirements that forced Credit Suisse into the historic weekend rescue,” he added. But that leaves the stock more vulnerable to declines as a result of “execution risk in the Credit Suisse integration,” suggested Citi analyst Andrew Coombs.

Persons: London CNN —, Colm Kelleher, “, ”, Kelleher, Pascal Mora, Karin Keller, Keller Sutter, Anke, Andrew Coombs, ” Kelleher, Sergio Ermotti’s, Ermotti Organizations: London CNN, Credit Suisse, UBS, Bloomberg, Getty, RBC Capital Markets, Citi, Reuters Locations: Swiss, Switzerland, Europe

☆ Zurich is trying to claw back $200 million after accidentally paying city employees double their salaries
▼ + stars: | 2024-02-28 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +2 min

Read previewThe city of Zurich is trying to recoup roughly 175 million Swiss Francs, about $200 million, after a technical glitch saw all city employees paid double for February, according to local reports. Soon after, the city administration was inundated with calls from puzzled workers, Tages-Anzeiger reported, with some joking that the extra money constituted an adjustment for rampant inflation. AdvertisementPoliticians, too, have received double their fees for attending parliament in February, Tages-Anzeiger reported. All 30,000 employees are being sent a letter with a QR code linking to instructions for returning the money, NZZ reported. "With 30,000 employees, there are many special cases," Claudia Naegeli, a city finance department spokesperson, told the outlet.

Persons: —, Zürcher, NZZ, Claudia Naegeli Organizations: Service, Local, Business, Swisscom, Neue Zürcher Zeitung Locations: Zurich, Local Switzerland, Tages

☆ After a breakthrough year, distance runner Dominic Lobalu is in a race for national identity
▼ + stars: | 2023-06-20 | by ( George Ramsay | ) edition.cnn.com time to read: +9 min

CNN —One of the world’s top distance runners, Dominic Lobalu dreams of climbing the podium at the Olympic Games. It means Lobalu is essentially stateless on the global athletics scene, running with no flag and no national colors. In a statement to CNN Sport, Swiss Athletics confirmed that it had applied to the World Athletics Nationality Review Panel for Lobalu to change his allegiance. Founded in 2014, the ART is supported by international governing body World Athletics and composed entirely of athletes who have fled violence, conflict, and injustice. “He cannot change the decision from World Athletics, he can’t make it faster.

Persons: Dominic Lobalu, Lobalu, Valerio Origo, Gallen, Markus Hagmann, ”, “, Geneva –, hasn’t, I’m, ’ ”, coy, Mr, Adam Davy, he’s, Jackie Brock, Doyle, Dominic, Hagmann, ” Hagmann, Jacob Kiplimo, … He’s Organizations: CNN, Olympic, CNN Sport, Swiss Athletics, Athlete, ART, Athletics, Diamond League, World Athletics, Zurich Diamond League, Lobalu, Stockholm Diamond League Locations: Sudan, Kenya, Europe, Paris, Budapest, Switzerland, St, Copenhagen, Nairobi, Lobalu, Swiss, Geneva, South Sudan, London, Chukudum, Vienna, Austria, Lausanne, Gallen, Stockholm

☆ 'Prospects for UBS are better than ever,' CEO says
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +1 min

ZURICH, June 17 (Reuters) - UBS's (UBSG.S) Chief Executive sought to reassure Switzerland on Saturday over its new banking giant, created by the Swiss bank's historic takeover of former rival Credit Suisse . "The prospects for UBS are better than ever," Sergio Ermotti wrote in an opinion piece published in the Swiss paper Tages-Anzeiger. Ermotti, who returned to the bank as Chief Executive in a surprise move shortly after the government orchestrated rescue of Credit Suisse was announced, addressed public concern over the size of the combined bank. He said "there is no doubt that UBS is a large bank," but that the company's business model also contributes to creating wealth for Switzerland. "The question of what will happen to Credit Suisse's Swiss business also needs to be well thought through," he said.

Persons: Sergio Ermotti, Ermotti, Noele Illien, Louise Heavens Organizations: Swiss, Credit Suisse, UBS, Suisse's, Thomson Locations: ZURICH, Swiss, Switzerland

☆ Credit Suisse job cuts must be frozen -bank employees leader says
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

ZURICH, April 11 (Reuters) - Credit Suisse (CSGN.S) and UBS (UBSG.S) must freeze any job cuts planned as part of their emergency merger, the Swiss Bank Employees' Association (SBPV) said on Tuesday, in an open letter to the country's parliament. The Swiss parliament is due to meet in extraordinary session on Tuesday to discuss the state-sponsored rescue of Credit Suisse which took place last month. "For the past three weeks, many of the approximately 17,000 employees at Credit Suisse and the 22,000 UBS employees have been looking at their future with uncertainty," said Ferrara, referring to the staff numbers in Switzerland. Credit Suisse employs 45,000 people globally, while UBS has 74,000 in total. "But the affected employees of the two banks remain only a side note.

☆ Credit Suisse job cuts must be frozen, Swiss Bank Employees' Association says
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

ZURICH, April 11 (Reuters) - Credit Suisse (CSGN.S) and UBS (UBSG.S) must freeze any job cuts planned as part of their emergency merger, the Swiss Bank Employees' Association (SBPV) said on Monday, in an open letter to the country's parliament. The Swiss parliament is due to meet in extraordinary session on Tuesday to discuss the state-sponsored rescue of Credit Suisse which took place last month. Credit Suisse employs 45,000 people globally, while UBS has 74,000 in total. "But the affected employees of the two banks remain only a side note. "Now it is time for the affected employees of the two banks to be given protection and respect," Ferrara wrote.

On Tuesday, they will meet in Bern for an extraordinary session to discuss Credit Suisse's downfall as well as the government's open chequebook response. In Tuesday's session, lawmakers will get a chance to challenge the rushed rescue package and discuss whether conditions can be imposed on Credit Suisse. Last week, Switzerland announced it was cutting bonus payments for Credit Suisse's top management. Credit Suisse's rescue angered not only politicians but many in Switzerland. In an open letter to the country's parliament, the Swiss Bank Employees' Association said on Tuesday that Credit Suisse and UBS must freeze any job cuts.

☆ Credit Suisse job cuts must be frozen -bankers leader says
▼ + stars: | 2023-04-11 | by ( ) www.cnbc.com time to read: +2 min

Credit Suisse and UBS must freeze any job cuts planned as part of their emergency merger, the Swiss Bank Employees' Association (SBPV) said on Monday, in an open letter to the country's parliament. SBPV managing director Natalia Ferrara has written to lawmakers to demand they consider staff affected by the collapse of Credit Suisse and halt any job losses until the end of 2023. The Swiss parliament is due to meet in extraordinary session on Tuesday to discuss the state-sponsored rescue of Credit Suisse which took place last month. Credit Suisse employs 45,000 people globally, while UBS has 74,000 in total. "Now it is time for the affected employees of the two banks to be given protection and respect," Ferrara wrote.

☆ UBS CEO tells Credit Suisse staff to stay focused on clients and the business
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

ZURICH, April 6 (Reuters) - UBS (UBSG.S) Chief Executive Sergio Ermotti has told Credit Suisse (CSGN.S) staff it is "critical" to remain focused on clients and keeping the business running as the merger of the two banks proceeds, according to an internal memo seen by Reuters. Last month, Swiss authorities announced that UBS would buy Credit Suisse in a shotgun merger to stem further banking turmoil after the smaller lender had come to the brink of collapse. In his first communication to Credit Suisse staff after taking over as UBS CEO, Ermotti said there would be "change and hard decisions" ahead. UBS Vice Chairman Lukas Gaehwiler told the bank's shareholders on Wednesday that it was too early to speculate about job cuts. "While it’s too soon to speculate about the end state of the combined organization, you have my commitment that we will treat all employees of both Credit Suisse and UBS fairly," he wrote.

☆ UBS tells investors 'Herculean' Credit Suisse takeover will pay off
▼ + stars: | 2023-04-05 | by ( Noele Illien | ) www.reuters.com time to read: +5 min

[1/3] Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland, March 20, 2023. REUTERS/Denis Balibouse/File PhotoBASEL, April 5 (Reuters) - UBS (UBSG.S) executives sought to assure investors on Wednesday that Switzerland's largest bank can make its unexpected takeover of Swiss rival Credit Suisse (CSGN.S) work and pay off for its shareholders. "We believe the transaction is financially attractive for UBS shareholders," he said. Looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, UBS has already taken the first steps. "The acquisition of Credit Suisse will be a major challenge," Hamers said, while echoing the bank's chairman in highlighting new opportunities.

☆ UBS seeks to assure investors shotgun Credit Suisse takeover can pay off
▼ + stars: | 2023-04-05 | by ( Noele Illien | ) www.reuters.com time to read: +4 min

[1/3] Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland, March 20, 2023. "We believe the transaction is financially attractive for UBS shareholders," he said. The hastily arranged rescue, not only angered and unsettled both banks' shareholders, but also many in Switzerland. Looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, UBS has already taken the first steps. "The acquisition of Credit Suisse will be a major challenge," Hamers said, while echoing the bank's chairman in highlighting new opportunities.

☆ Up to 30% of jobs to be cut by enlarged UBS, Tages-Anzeiger reports
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

[1/4] The logo of Swiss bank UBS is seen in Zurich, Switzerland, March 20, 2023. REUTERS/Denis Balibouse/File PhotoGENEVA, April 2 (Reuters) - The bank created by the UBS (UBSG.S) takeover of Credit Suisse (CSGN.S) is poised to reduce its workforce by 20-30%, Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager. The report said the bank could cut about 11,000 jobs in Switzerland. Jobs in its U.S. investment banking arm will also be affected, the report said, with UBS set for talks to terminate a deal that would have given Wall Street dealmaker Michael Klein control of much of Credit Suisse's investment bank. Reporting by Gabrielle Tetrault-Farber Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ UBS's Dargan and Credit Suisse's McDonagh to lead merger -newspaper
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: 1 min

ZURICH, March 25 (Reuters) - The integration team tasked with merging Switzerland's two largest banks is to be headed by UBS's (UBSG.S) chief technology officer and Credit Suisse's (CSGN.S) chief operating officer, the Tages-Anzeiger newspaper reported on Saturday. Mike Dargan, who has been with UBS for 7 years, and Francesca McDonagh, who joined Credit Suisse last September, will be tasked with unifying the two banks. It is unclear when the merger will be completed. UBS has agreed to buy Credit Suisse for 3 billion Swiss francs ($3.26 billion) in stock and to assume up to 5 billion francs ($5.44 billion) in losses, in a merger engineered by Swiss authorities. ($1 = 0.9199 Swiss francs)Reporting by Noele Illien; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Reuters Graphics Reuters GraphicsThe Swiss Bank Employees Association, in a statement to Reuters, demanded that UBS keep job cuts to an "absolute minimum". The statement underscores the sense of unease in Switzerland, with its reputation as a global financial center on the line. Green Party lawmaker Gerhard Andrey said that Credit Suisse is "such a visible institute". "A few months ago, nobody would have thought that Credit Suisse would fail. "But also that we are upholding the reputation of the Swiss financial centre."

☆ Germany also wants Switzerland's Leopard 1 tanks - Swiss newspaper
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +2 min

ZURICH, March 4 (Reuters) - In addition to Leopard 2 tanks, German armaments company Rheinmetall wants to buy 96 Leopard 1 tanks from Swiss defence firm Ruag to send to Ukraine, the Swiss newspaper Tages- Anzeiger reported on Saturday. The deal involves used and non-operational Leopard 1 tanks, which Ruag bought in 2016 in Italy and which are still there. The deal could however still go through and is likely to be discussed by Switzerland's Federal Council. The predecessor to the Leopard 2, Leopard 1 tanks are lighter, with a smaller engine and a shorter firing range than their more modern counterpart, but are said to be able to hold up against Russian T-72 tanks. The Swiss and German governments said on Friday that Germany had asked Switzerland to sell back some of its mothballed Leopard 2 tanks, in a deal that could allow Western countries to increase military aid to Ukraine.

☆ Nestle to pay ex manager $2.2 mln over bullying case - Tages-Anzeiger
▼ + stars: | 2023-02-11 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Feb 11 (Reuters) - Nestle (NESN.S) will pay a former manager 2 million Swiss francs ($2.2 million) compensation after a Swiss court upheld her claim of bullying while working at the company, newspaper Tages-Anzeiger reported. Yasmine Motarjemi was awarded the compensation by a court in Vaud, southern Switzerland, the paper said on Saturday, after a 12-year legal battle. She launched her legal battle against Nestle in 2011 after the company sacked her in 2010. "Nestle must pay my client the entire lost wage bill retrospectively, from the moment of termination until retirement," Bessonnet told the paper. "We sincerely regret the almost 12 years of litigation and wish to bring this legal matter to a final close," a Nestle spokeswoman said.

☆ Novartis' CEO is charging ahead in cutting tens of thousands of workers to transform the $220 billion pharma giant
▼ + stars: | 2023-01-16 | by ( Andrew Dunn | ) www.businessinsider.com time to read: +3 min

Novartis is laying off thousands of workers, CEO Vasant Narasimhan told Insider. Through layoffs and spinoffs, the Swiss giant expects to trim its headcount by about 30% by 2024. SAN FRANCISCO — Thousands of layoffs are "happening now," Vasant Narasimhan, the CEO of Novartis, told Insider, as he hopes the $220 billion Swiss giant is entering the final steps of becoming a smaller, more-focused drug company. The Swiss giant had about 125,000 full-time employees at the time, and it has about 108,000 workers today. The restructuring will save Novartis about $1.5 billion annually, Narasimhan said during his Monday presentation at the JPMorgan conference.

☆ British American Tobacco closes Swiss plant, lays off 226
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Dec 15 (Reuters) - British American Tobacco (BAT) is to close a cigarette manufacturing plant in Switzerland next year, laying off 226 workers, the Tages-Anzeiger paper and other Swiss media reported on Thursday. “BAT Switzerland confirms that a final decision has been made to transfer cigarette production from Boncourt to larger factories within Europe and to close the Boncourt site," BAT said in a statement. The winding down of the factory located in Switzerland's french-speaking region will be completed by the end of 2023, the company said. Reporting by Noele Illien Editing by Michael Shields and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ British American Tobacco closes Swiss plant, lays off 226 -paper
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Dec 15 (Reuters) - British American Tobacco is to close a cigarette manufacturing plant in Switzerland next year, laying off the 226 employees working there, the Tages-Anzeiger paper and other Swiss media reported on Thursday. The Unia labour union confirmed the plant closure. The BAT plant was not immediately available to comment. Reporting by Noele Illien; Editing by Michael ShieldsOur Standards: The Thomson Reuters Trust Principles.

☆ How Qatar ended up hosting the World Cup
▼ + stars: | 2022-11-23 | by ( George Ramsay | ) edition.cnn.com time to read: +8 min

CNN —With the World Cup now underway in Qatar, many are wondering how this moment arrived – that a tiny Gulf nation with little footballing history ended up hosting the biggest event the sport has to offer. The country’s World Cup debut was 12 years in the making, a period in which Qatar’s host status has stirred controversy within the footballing community and beyond. Those included a lack of existing infrastructure and the region’s intense heat in the summer, when World Cup tournaments are traditionally held. But questions about just how Qatar won the right to stage the World Cup continue. Meanwhile, Qatar’s state-backed discrimination against LGBTQ people has also been criticized in the years leading up to the World Cup.

☆ Qatar 2022: ‘Sport should not be politicized,’ France’s Macron says ahead of World Cup
▼ + stars: | 2022-11-17 | by ( Martin Goillandeau | ) edition.cnn.com time to read: +3 min

CNN —“Sport should not be politicized,” French President Emmanuel Macron said on Thursday, three days before the start of the 2022 World Cup in Qatar. “It should be when hosting the event is decided, whether it is the World Cup or the Olympic Games, that we must honestly ask ourselves the question. “And whether the question is on the climate or human rights, it is not necessary to ask it when the event comes. The 2022 World Cup has attracted controversy ever since it was awarded to Qatar, with concerns over human rights, treatments of migrant workers and the environment. A report from Human Rights Watch (HRW) published in October documented alleged cases of beatings and sexual harassment.

☆ Iran should not be allowed to play at World Cup, says former FIFA President Sepp Blatter
▼ + stars: | 2022-11-11 | by ( Nadine Schmidt | ) edition.cnn.com time to read: +3 min

CNN —Former FIFA President Sepp Blatter thinks Iran should be barred from the upcoming World Cup in Qatar, a Swiss paper and online news website quoted him as saying Friday. Swiss outlet ‘Blick’ showed a video of the former FIFA President at a talk at its publisher’s headquarters on Thursday. Meanwhile, soccer player Sardar Azmoun risks missing out on being selected for the World Cup after criticizing the government. Football and the World Cup are too big for it,” Blatter said of Qatar, the first country in the Middle East to host the tournament. The World Cup starts on November 20 with Iran starting its campaign against England on November 21.

☆ FIFA forbids Danish men’s soccer team from wearing pro-human rights shirts at Qatar World Cup
▼ + stars: | 2022-11-11 | by ( Matt Foster | ) edition.cnn.com time to read: +2 min

CNN —The men’s Danish soccer team has been forbidden from wearing training shirts showing human rights messaging at this month’s World Cup in Qatar. The Danish Football Federation’s (DBU) CEO, Jakob Jensen, revealed the ban in an interview with Danish publication DR Sporten, released on Thursday. “We are of the opinion that the message Human Rights for All is universal and is not a political call, but it should be something that all people can support.”FIFA abides by the International Football Association Board’s (IFAB) Laws of the Game and declined to comment on the matter when CNN reached out. Tournament organizers at the time disputed Hummel’s claims and said they have engaged in “robust and transparent dialogue” with the DBU. The 2022 World Cup runs from November 20 through to December 18.

☆ Sepp Blatter: Qatar World Cup 'is a mistake,' says former FIFA President
▼ + stars: | 2022-11-09 | by ( Story Reuters | ) edition.cnn.com time to read: +1 min

Reuters —Sepp Blatter, the former president of FIFA when Qatar was awarded the 2022 World Cup hosting rights in 2010, told Swiss newspaper Tages Anzeiger “Qatar is a mistake,” adding that “the choice was bad.”The Qatar decision has been marred by controversy, including allegations of corruption and human rights violations, since it was first announced. Blatter, who led FIFA for 17 years, has also been embroiled in accusations of corruption during his tenure. Football and the World Cup are too big for it,” Blatter said of Qatar, the first country in the Middle East to host the tournament. “Since then, social considerations and human rights are taken into account,” he said. Blatter said he will be watching the tournament, which kicks off in less than two weeks, from his home in Zurich.

☆ 'Qatar is a mistake,' says former FIFA President Sepp Blatter
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 8 (Reuters) - Sepp Blatter, the former president of FIFA when Qatar was awarded the 2022 World Cup hosting rights in 2010, told Swiss newspaper Tages Anzeiger "Qatar is a mistake," adding that "the choice was bad." The Qatar decision has been marred by controversy, including allegations of corruption and human rights violations, since it was first announced. Blatter, who led FIFA for 17 years, has also been embroiled in accusations of corruption during his tenure. Football and the World Cup are too big for it," Blatter said of Qatar, the first country in the Middle East to host the tournament. "Since then, social considerations and human rights are taken into account," he said.

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