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Record low and negative interest rates have put commercial banks in a difficult spot. Across Europe, they have been passing the burden to their clients. Some have introduced fees for those with large account balances, while others are punishing everybody equally. In any case, some bankers fear this could lead to withdrawal of large amounts … Read more
With the recent Union Bank of Switzerland (UBS) announcement that even more customers will be charged to hold money in their banks, people are scrambling to find ways to preserve their wealth, while USB and others scramble to dam the losses resulting from national negative interest rate policy (NIRP). The relatively recent experiments with NIRP … Read more
Some of the world’s leading banks are allegedly currently investing around $50 million to build a blockchain-based digital cash system for transaction settlement, sources claim Go to Source Powered by WPeMatico
Money laundering scandals involving some of the world’s largest banks have grown this week. Switzerland’s largest bank, UBS, has been fined 3.7 billion euros (~$4.2 billion) for money laundering. Amid a $226 billion scandal, Estonian authorities have ordered Denmark’s largest bank to terminate its operations in the country. Danske Bank is also shutting down in … Read more
Bitcoin has failed in its attempt to be a currency and stands no chance of succeeding in this role in the future. It’s fatally flawed. This is according to Paul Donovan, the chief global economist at the Swiss investment bank, UBS. Following a scathing internal blog post he penned down just days ago, he appeared … Read more
UBS continues its hardline stance on Bitcoin, a senior executive publicly condemning it using the same argument as in 2017 Go to Source Powered by WPeMatico
Europe’s top banks allegedly helped wealthy clients across the continent steal 55 billion euros ($63 billion) from multiple governments by making tax reclaims to which they were not entitled, an investigation has revealed. The theft centred around a complex scheme of trading stocks that also involved hedge funds and large international commercial law firms. Also … Read more
A French court has reportedly rejected a request by the largest Swiss bank to drop money laundering charge against it. UBS Group and a number of its executives are accused of tax fraud and money laundering. If found guilty, the bank could be fined up to 5 billion euros or $5.8 billion. Its executives could … Read more
A lot of people in Switzerland have left the traditional financial sector to work in the crypto space, in which the banking nation is now developing a niche market. The Swiss banks don’t show enthusiasm officially, but they massively have interests in dealing with Bitcoin, insiders say. Also read: Switzerland’s Main Stock Exchange Dives Deep Into … Read more
At press time, the father of cryptocurrency is trading for $7,001. This is nearly $100 higher than where it stood yesterday afternoon, and it’s a positive sign now that the currency is back above the $7,000 mark. Some remain bullish about the currency and believe it will steady itself in the long run. Steven Russo … Read more
