UBS AG made stand-in Sergio Ermotti permanent chief executive on Tuesday and brought forward the start date of chairman designate Axel Weber, in a move to reassure investors following the Swiss bank’s $2 billion trading scandal. Ermotti, a 51-year-old from Switzerland’s Italian-speaking Ticino region, was appointed interim CEO in September after Oswald Gruebel quit the [...]
UniCredit SpA’s board will consider approving a share sale of 7.5 billion euros ($10.3 billion) to strengthen capital, two people familiar with the situation said. The strategic committee of Italy’s biggest bank met in Milan yesterday and recommended the stock sale, which is expected to be approved today by directors, said the people, who asked [...]
Swiss stocks are set to rise on Wednesday, mirroring gains elsewhere in Europe, as investors turned hopeful a resignation of Italian Prime Minister Silvio Berlusconi’s could allow a new leader to deal more aggressively with the country’s debt issues. The Swiss blue-chip SMI is seen rising 48 points to 5,731 points, pre-market data provided by [...]
European stocks advanced after the euro-area central bank unexpectedly cut the benchmark interest rate and reports that Greek Prime Minister George Papandreou may quit reduced the chance of a vote on the bailout package. Swiss Re Ltd. and Man Group Plc each gained more than 5 percent after reporting better-than-expected earnings. Cable & Wireless Communications [...]
The Bank of England has been showing off a new security feature which it hopes will protect new bank notes from counterfeiters. A thread containing moving images is being used on the new £50 note as it enters circulation. The bank said the green “motion thread” has five windows featuring the pound symbol and the [...]
Credit Suisse Group AG (CSGN), the second- biggest Swiss bank, said it will cut about 1,500 more jobs and reorganize its securities unit after the division reported its first quarterly loss since 2008. Credit Suisse fell the most in almost three years in Zurich trading as third-quarter net income of 683 million Swiss francs ($767 [...]
Inventor James Watt and his financial backer Matthew Boulton to feature on new £50 note, to be issued in November. The Bank of England will seek to lift the spirits of downtrodden businesses next month by evoking the memory of their glorious predecessors when it launches a new £50 note, featuring the inventor James Watt [...]
Bank of America will start charging debit-card users $5 a month to pay for purchases. The move comes as the cards increasingly replace cash and as banks look for ways to offset the loss of revenue from a new rule that will limit how much they can collect from merchants. Bank of America says it [...]
Barclays received the highest number of bank complaints during the first six months of the year, according to new data published by the Financial Services Authority. The FSA’s figures showed that Barclays received 251,563 complaints, compared with 181,907 at Lloyds TSB, 168,888 for Santander and 147,109 against NatWest. Santander, which has had a reputation for [...]
The Bank of England has issued a blunt warning to banks to cut staff bonuses and shareholder dividends to save cash. The Bank’s new Financial Policy Committee (FPC) said banks needed to take action to protect themselves against any “future shocks”. This could mean ensuring “discretionary distributions reflected any reduction in profits”, the FPC said. [...]
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