Connect to share and comment

Swiss bank UBS cuts 10,000 jobs in major restructuring

The bank was hard hit during the global financial crisis, losing $50 billion as well as the $2.3 billion lost last year by a rogue trader.

Swiss Banking Angst

Commentary: Modern times confront a centuries old private banking tradition.
Swiss banks goldEnlarge
100g golden bars engraved with the logo and name of the swiss bank UBS are pictured at a plant of gold refiner and bar manufacturer Argor-Heraeus SA in Mendrisio, southern Switzerland. (Sebastian Derungs/AFP/Getty Images)
For several centuries, Switzerland has been synonymous with private banking. However, the world seems to be catching up with the Swiss. The whole notion of off -shore bank accounts where wealthy elites, and the occasional despotic dictator, can hide their money, is under attack – and the attacks, in addition to creating legal problems for Swiss bankers, are causing the Swiss nation some cultural angst.

UBS chief exec Oswald Gruebel resigns over "rogue trader" loss

“Oswald Gruebel feels that it is his duty to assume responsibility for the recent unauthorized trading incident,” UBS chairman Kaspar Villiger said in a statement. 

Amid revolt, Gaddafi offers pay raises and bonuses

Can a dictator buy his way out of trouble?
Gaddafi protesterEnlarge
A Tunisian woman holds a picture showing a rope and a portrait of Muammar Gaddafi during a protest in front of the Libyan embassy in Tunis on Feb. 22, 2011. (Fethi Belaid/AFP/Getty Images)

Extreme circumstances call for extreme measures.

If you're Muammar Gaddifi today, that means money. Lots of money.

Gaddafi's embattled regime has promised to double some public sector workers' wages. It's also vowing a $400 bonus for every family in Libya.

The move is akin to King Abdullah's payout in Saudia Arabia announced earlier this week, where the king offered $10.7 billion in economic benefits designed to help unemployed workers and tame rising inflation.

Syndicate content