Category Archive: 1) SNB and CHF

Pandemie beschleunigt bargeldloses Bezahlen

Ein Drittel der Befragten gibt an, aufgrund der Pandemie das Zahlungsverhalten nachhaltig angepasst zu haben. (Bild: Shutterstock.com/Viktoriia Hnatiuk)Im Herbst 2020 hat die Schweizerische Nationalbank (SNB) nach 2017 ihre zweite repräsentative Zahlungsmittelumfrage durchgeführt.

Read More »

Swiss Banks Boost Capital Bases Despite Coronavirus Crisis 

Swiss banks have been able to strengthen their capital bases despite deteriorating economic conditions during the coronavirus pandemic, according to the Swiss National Bank (SNB). This applies to the two big banks, UBS and Credit Suisse, and also domestic banks.

Read More »

SNB Monetary Policy Assessment June 2021

The SNB is maintaining its expansionary monetary policy with a view to ensuring price stability and providing ongoing support to the Swiss economy in its recovery from the impact of the coronavirus pandemic. It is keeping the SNB policy rate and interest on sight deposits at the SNB at −0.75%, and remains willing to intervene in the foreign exchange market as necessary, while taking the overall currency situation into consideration.

Read More »

Aktualisierte Sanktionsmeldung

Am 10. Juni 2021 hat das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF die Liste der in diesem Kontext sanktionierten Personen, Unternehmen und Organisationen geändert. Die Änderung ist in der Schweiz direkt anwendbar. Das WBF hat daher die für die Schweiz massgebliche Sanktionsdatenbank SESAM (SECO Sanctions Management) angepasst und die Anpassung auf seiner Internetseite publiziert.

Read More »

West Virginia Gov. Personally On The Hook For $700MM In Greensill Collapse

The collapse of Greensill Capital has been the biggest financial scandal of the year so far, having set off a massive public corruption scandal in the UK that has deeply embarrassed the ruling Conservative Party due to the close involvement of former PM David Cameron, who was on the Greensill.

Read More »

Swiss central banker wary of excessive inflation

The Swiss National Bank (SNB) can expand its balance sheet further if needed, says chairman of the board Thomas Jordan.

Read More »

“Everything Is On Fire”

Authored by Egon von Greyerz via GoldSwitzerland.com,“Everything is on fire” – Heraclitus (535-475 BC)What Heraclitus meant was that the world is in a constant state of flux.But the big problem in the next few years is that the world will experience a fire of a magnitude never seen before in history.I have in many articles and interviews pointed out how predictable events are (and people).

Read More »

UBS Reportedly Re-Starts Layoffs After “Doubling” One Time Bonuses To Some Associates

On one hand, UBS seems hell bent on keep its new Gen Z employees who have recently been promoted to associate positions. After all, it was just hours ago that we wrote about how the bank was showering some newly promoted employees with one-time $40,000 bonuses.

Read More »

UBS, Desperate To Retain Talent, Now Offering $40,000 Bonuses To Newly Promoted Associates

It looks like the hiring (and retention) shortage isn't just for rank-and-file minimum wage jobs.UBS has now said that, amidst historic competition and a "retention crisis" in the investment banking world (which we noted weeks ago), it is going to pay a one time $40,000 bonus to its global banking analysts when they are promoted.

Read More »

Credit Suisse Hires Former Prime Brokerage Head To Restore Business After Archegos Blowup

After firing a raft of senior employees including its head of risk, Lara Warner, Credit Suisse has been struggling to move past a series of major risk-management failures that together could cost the bank $10 billion, or more, though the final tally of losses from the Archegos blowup isn't yet known as the bank weighs whether it should cover some client losses associated with the "low risk" trade-finance funds that collapsed earlier this year.

Read More »

Gold Is Laughing At Powell

Authored by Matthew Piepenburg via GoldSwitzerland.com,Recently, my colleague, Egon von Greyerz, and I had some unabashed yet blunt fun calling out the staggering levels of open hypocrisy and policy desperation unleashed by former Fed Chairman, Alan Greenspan.Poor Alan was an easy target of what I described as the “patient zero” of the reckless interest rate suppression and unbridled monetary expansion policies of the Fed which have always led to...

Read More »

The $3 Trillion Hidden Exposure Behind The Archegos Blowup

Authored by Nick Dunbar of Risky FinanceWhen the family office Archegos Capital abruptly imploded in late March, prompting $50 billion in block trades and $10 billion in losses at Credit Suisse, Nomura, UBS and Morgan Stanley, many bank analysts were taken by surprise. Last week, many of these analysts sounded frustrated listening to Credit Suisse’s earnings call in which senior management skirted round without giving any real detail about the...

Read More »

Swiss Financial Accounts: Household wealth in 2020 and focus article

Financial and real estate wealth of households increases. The Swiss National Bank is today publishing data on Q4 2020 as part of the financial accounts. Thus, household wealth data are now also available for the full year.

Read More »

Astrid Frey appointed new SNB delegate for regional economic relations for Central Switzerland

With effect from 1 May 2021, Astrid Frey will take on the function of Swiss National Bank delegate for regional economic relations for the Central Switzerland region. She succeedsGregor Bäurle, who assumed the posit ion of Head of the SNB’s Regional Economic Relations unit on 1 January 2021.

Read More »

Recall of banknotes from eighth series

The Swiss National Bank is recalling its eighth-series banknotes as of 30 April 2021. From this date on, the banknotes from the eighth series lose their status as legal tender and can no longer be used for payment purposes.

Read More »

UBS erwartet 40 Milliarden Franken SNB-Gewinn

Die Frankenschwäche sowie der anhaltende Aufwärtstrend an den Aktienmärkten haben zum voraussichtlichen Gewinn der SNB beigetragen. (Bild: Shutterstock.com/MDart10)Am kommenden Donnerstag wird die Schweizerische Nationalbank (SNB) ihr Finanzergebnis für das erste Quartal 2021 präsentieren. Die UBS erwartet für diesen Zeitraum einen SNB-Gewinn von rund 40 Mrd.

Read More »

2021-04-23 – U.S. dollar liquidity-providing operations from 1 July 2021

In view of the sustained improvements in U.S. dollar funding conditions and low demand at recent U.S. dollar liquidity-providing operations, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve, have jointly decided to discontinue offering dollar liquidity at the 84-day maturity.

Read More »

“Die Schattenseiten von Schuldenbremsen (The Dark Side of Debt Limits),” ifoSD, 2021

Was Schuldengrenzen aus politökonomischer Sicht besonders attraktiv erscheinen lässt – ihre vermeintliche Einfachheit und Klarheit – birgt also auch Risiken. Es führt dazu, dass Politiker und ihre Wähler die Solidität der Staatsfinanzen über Gebühr an expliziten Bruttoschulden messen.

Read More »

COVID-19, financial markets and digital transformation

In many ways, the coronavirus (COVID-19) pandemic is unprecedented. The economic shock has been global and massive, affecting both economic supply and demand simultaneously. To mitigate the economic impact, the crisis response has had to be swift and innovative - including in Switzerland.

Read More »

Credit Suisse Dumping Huge Archegos Blocks; Liquidating Millions In VIACS, VIPS And FTCH

Literally moments ago we said that the Archegos portoflio was being sold off all day on fears of "stealth" prime broker deleveraging, as tens of millions of shares were yet to be accounted for.

Read More »