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Europe Top News and Analysis Switzerland

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  • US to Subpoena UBS for Wealthy Client Names: WSJ Thursday, 15 May 2008 | 4:57 AM ET

    U.S. prosecutors are expected to approach UBS with a subpoena for the names of rich American clients who may have used the Swiss bank's services to skirt income taxes, the Wall Street Journal said on Thursday, citing lawyers and others involved in the case.

  • Europe Preview: Buying Into a Baer Market? Thursday, 8 May 2008 | 1:55 PM ET
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    Two billion dollars was pulled out of UBS's wealth management division in the first quarter. It's difficult to say how much of the loss stemmed from the subprime crisis, but smaller banks in Switzerland have been picking up business from the troubled market leader.

  • Senior UBS Employee was Detained in US Tax Probe Wednesday, 7 May 2008 | 5:24 AM ET

    A senior UBS employee was briefly detained by U.S. authorities in April as part of an investigation into the bank's cross-border business, the Swiss bank said on Wednesday.

  • UBS To Cut 5,500 Jobs in Subprime Wake Tuesday, 6 May 2008 | 1:15 PM ET
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    Swiss bank UBS will cut almost 7 percent of its workforce and said it has a preliminary deal with  BlackRock to sell a $15 billion portfolio of subprime mortgages.

  • UBS: If the Worst is Over, Where's the Visibility? Tuesday, 6 May 2008 | 6:43 AM ET

    When Warren Buffet treated his 31,000 plus audience to his annual Berkshire Hathaway gathering in Nebraska recently he was asked about the banks. When would he be happy to buy back into U.S. investment banks?

  • First-quarter net profit at Swiss Re dropped by half, a bigger fall than expected, and the world's biggest reinsurer announced fresh credit writedowns of 819 million Swiss francs ($776.3 million).

  • Swiss Life Premiums Drop 3%, Says Markets Tough Tuesday, 6 May 2008 | 1:27 AM ET

    First-quarter premium income from continuing operations at Swiss Life dropped 3 percent to 6.6 billion Swiss francs ($6.26 billion), but the life insurer saw no reason to revise its targets.

  • UBS Seen Slashing Jobs with Big Quarterly Loss Friday, 2 May 2008 | 10:48 AM ET
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    UBS shares rose over 5 percent on Friday on hopes the ailing Swiss bank will unveil job cuts next week to reverse breakneck expansion into investment banking which made it Europe's worst subprime victim.

  • Europe Preview: UBS, RBS on the Hotseat Tuesday, 22 Apr 2008 | 5:36 PM ET

    Europe's two biggest casualties from the subprime crisis tomorrow face shareholders who will want answers on how, between them, the two banking giants lost well over $50 billion.

  • European Earnings: Novartis Profit Jumps 10% Monday, 21 Apr 2008 | 12:43 PM ET

    Drug maker Novartis reported a better-than-expected rise in first-quarter profit, thanks to strong vaccine sales, while quarterly sales at Nestle also beat expectations.

  • UBS Report Blames Lax Controls for Credit Losses Monday, 21 Apr 2008 | 3:55 AM ET

    Poor risk control and a narrow focus on revenue growth at UBS's investment bank helped cause huge credit losses, UBS said on Monday, as it prepares to meet restive shareholders this week.

  • Deutsche Selling Debt, Credit Suisse Writing Down? Monday, 14 Apr 2008 | 4:59 AM ET
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    Deutsche Bank is looking to sell as much as $20 billion in leverage debt, while Credit Suisse could write down another $5 billion, according to published reports over the weekend.

  • Novartis to Buy Nestle's 25% Stake in Alcon Monday, 7 Apr 2008 | 12:21 PM ET
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    Novartis has agreed to buy Nestle AG's percent stake in U.S. company Alcon in a deal worth up to $39 billion to boost its eye care business, the Swiss drugmaker said on Monday.

  • Poll: Should UBS Be Broken Up? Friday, 4 Apr 2008 | 8:06 AM ET

    Shares of Swiss bank UBS rose 3.7 percent Friday as activist investor Luqman Arnold called for a restructuring of the company that would include a sale of its asset-management business.

  • UBS Ex-CEO Leads Campaign to Shake up Bank Friday, 4 Apr 2008 | 7:07 AM ET
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    Pressure on beleaguered Swiss bank UBS to break up intensified as activist investor and former chief executive Luqman Arnold demanded to meet UBS' board and shake up its governance and structure.

  • Syngenta Raises Outlook on Booming Farm Market Thursday, 3 Apr 2008 | 11:52 AM ET

    Swiss agrochemicals group Syngenta raised its earnings outlook on Thursday, cashing in on roaring demand for farm goods and saying first-quarter sales had leapt 20 percent.

  • Asia to Contribute 20% of Swiss Re's Revenues Wednesday, 2 Apr 2008 | 4:05 AM ET

    Asia will contribute about 20 percent of Swiss Re's global revenues within three to five years, up from 11 percent now, a senior executive at the world's largest reinsurer said on Wednesday.

  • UBS Writes Down Another $19 Billion Tuesday, 1 Apr 2008 | 11:32 AM ET
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    UBS doubled its writedowns from the subprime crisis on Tuesday, dumped its chairman and sought more emergency capital in a second attempt to reverse its fortunes.

  • New Writedown Worries Drag on UBS Shares Monday, 31 Mar 2008 | 1:40 PM ET
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    Worries mounted in the market that UBS would unveil more losses this week after the Swiss bank said at the weekend it had begun lowering the value of some structured securities held by clients.

  • Swiss Life Beats Expectations, Raises Dividend Thursday, 27 Mar 2008 | 3:31 PM ET

    Life insurer Swiss Life's 2007 net profit beat expectations and it promised shareholders a fat pay-out after a major overhaul of its business, sending its shares soaring.