Steel maker ThyssenKrupp confirmed that it had a steep net loss in its 2008/9 fiscal year Friday and said it plans to reduce its workforce significantly. CEO Ekkehard Schulz told CNBC he is not pessimistic regarding the outlook for 2010/1. "We will return to profitability in nearly all our business areas," he added.

UK banking regulations were under the spotlight again Thursday as proposals from city expert Sir David Walker were formally reviewed. Jon Dymond, director of Hay Group, has analysis of the proposals.

Banks must disclose how much they pay top employees, a UK government-sponsored report published by Sir David Walker said Thursday. "I am confident that the direction of the proposals I'm making is right," Walker, a former chairman of Morgan Stanley's international unit, told CNBC.

"It has been a difficult year for holiday companies…It has been a difficult year for luxury goods as well," Peter Rothwell, CEO of Swiss-based luxury travel company Kuoni, said Thursday. "Probably the worst is behind us and we're beginning to look at the green shoots."

The recent disagreements between the US and Switzerland over secret Swiss bank accounts is only a spat and the broader relationship has not been harmed, Martin Naville, CEO of Swiss American Chamber of Commerce, told CNBC Thursday.

The British public are "sleepwalking" into major spending cuts and tax increases and there "will be a very rude wake-up call for the majority of people who have no idea how bad the finances are for the country," Andy Brough from Schroders told CNBC Thursday.

Hopefully the worst is behind the Swiss banking industry, but there are major changes ahead for the private banking industry, Daniel Senn from KPMG told CNBC Thursday.

The Swiss banking industry has to adapt to the new global environment and concerns over transparency, Bernhard Bauhofer from Sparring Partners told CNBC Thursday. "Onshore banking is the future business model in banking," Bauhofer said.