Swiss Bank

Funds parked by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, fell sharply by 70 per cent in 2023 to a four-year low of 1.04 billion Swiss Francs.

Central Board of Direct Taxes Chairman Nitin Gupta said Income Tax Department will analyse bank accounts of Indian nationals and organisations it received from Swiss Bank and will take action under black money Act in case any tax evasion was found.

The total value of assets seized in Singapore's biggest money laundering case has swelled to S$2.4 billion ($1.76 billion), police said on Wednesday.

Banking giant UBS said Thursday that its merger with former rival Credit Suisse and full absorbtion of its Swiss unit would cause 3,000 job cuts in Switzerland in the coming years.

Several hundred Credit Suisse investment bankers will soon be fired as UBS begins to implement the merger of the two banks, the Swiss weekly HandelsZeitung said Friday.

Swiss banking group UBS plans to cut 35,000 jobs at Credit Suisse -- more than half its workforce -- as part of the emergency rescue takeover of its rival in March, according to a report by Bloomberg News on Tuesday.

The Enforcement Directorate (ED) on Monday said it has seized Rs 2.74 crore worth assets of a Kolkata-based business family which allegedly held a Swiss bank account and whose name figured in the Panama Papers leak.

Switzerland's parliament rejected on Wednesday the government's 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse's merger with UBS, leaving the fallen bank's hastily arranged rescue without a largely symbolic parliamentary blessing.

The failure of banking giant Credit Suisse and its emergency takeover does not mean the downfall of Switzerland, President Alain Berset said Tuesday, insisting bankruptcy would have had disastrous consequences.

Embattled Swiss banking giant Credit Suisse has failed to disclose more than $700 million in previously undeclared accounts since 2014, in violation of a plea deal with the US Department of Justice, a Senate committee said Wednesday.

The Swiss government is "temporarily suspending" deferred remuneration granted in the years up to 2022, according to a statement Tuesday.

Tens of thousands of jobs could disappear in Switzerland following UBS's emergency takeover of its troubled rival Credit Suisse, observers warned Tuesday, as unions demanded a rescue package for banking staff.

UBS shares plunged by almost nine percent as markets opened Monday, a day after the announcement it will take over its troubled Swiss rival Credit Suisse for $3.25 billion.

Gold prices jumped 1% to their highest since March last year on Monday, erasing earlier losses, as worries about the global banking sector returned to the fore despite rescue efforts by Swiss lender UBS to buy peer Credit Suisse.

Credit Suisse is Switzerland's second-largest bank and the world's eighth-largest investment bank.

Funds parked by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, fell sharply by 70 per cent in 2023 to a four-year low of 1.04 billion Swiss Francs.

Central Board of Direct Taxes Chairman Nitin Gupta said Income Tax Department will analyse bank accounts of Indian nationals and organisations it received from Swiss Bank and will take action under black money Act in case any tax evasion was found.

The total value of assets seized in Singapore's biggest money laundering case has swelled to S$2.4 billion ($1.76 billion), police said on Wednesday.

Banking giant UBS said Thursday that its merger with former rival Credit Suisse and full absorbtion of its Swiss unit would cause 3,000 job cuts in Switzerland in the coming years.

Several hundred Credit Suisse investment bankers will soon be fired as UBS begins to implement the merger of the two banks, the Swiss weekly HandelsZeitung said Friday.

Swiss banking group UBS plans to cut 35,000 jobs at Credit Suisse -- more than half its workforce -- as part of the emergency rescue takeover of its rival in March, according to a report by Bloomberg News on Tuesday.

The Enforcement Directorate (ED) on Monday said it has seized Rs 2.74 crore worth assets of a Kolkata-based business family which allegedly held a Swiss bank account and whose name figured in the Panama Papers leak.

Switzerland's parliament rejected on Wednesday the government's 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse's merger with UBS, leaving the fallen bank's hastily arranged rescue without a largely symbolic parliamentary blessing.

The failure of banking giant Credit Suisse and its emergency takeover does not mean the downfall of Switzerland, President Alain Berset said Tuesday, insisting bankruptcy would have had disastrous consequences.

Embattled Swiss banking giant Credit Suisse has failed to disclose more than $700 million in previously undeclared accounts since 2014, in violation of a plea deal with the US Department of Justice, a Senate committee said Wednesday.

The Swiss government is "temporarily suspending" deferred remuneration granted in the years up to 2022, according to a statement Tuesday.

Tens of thousands of jobs could disappear in Switzerland following UBS's emergency takeover of its troubled rival Credit Suisse, observers warned Tuesday, as unions demanded a rescue package for banking staff.

UBS shares plunged by almost nine percent as markets opened Monday, a day after the announcement it will take over its troubled Swiss rival Credit Suisse for $3.25 billion.

Gold prices jumped 1% to their highest since March last year on Monday, erasing earlier losses, as worries about the global banking sector returned to the fore despite rescue efforts by Swiss lender UBS to buy peer Credit Suisse.

Credit Suisse is Switzerland's second-largest bank and the world's eighth-largest investment bank.