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Banking in Switzerland dates to the early 18th century through Switzerland's merchant trade and has, over the centuries, grown into a complex, regulated, and international industry. Banking is seen as emblematic of Switzerland. The country has a long history of banking secrecy and client confidentiality reaching back to the early 1700s. Starting as a way to protect wealthy European banking interests, Swiss banking secrecy was codified in 1934 with the passage of a landmark federal law, the Federal Act on Banks and Savings Banks. These laws, which were used to protect assets of persons being persecuted by Nazi authorities, have also been used by people and institutions seeking to illegally evade taxes, hide assets, or generally commit financial crime.
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Hottinger Group is an international wealth management business headquartered in London providing family office, Investment banking and other associated financial services. Hottinger is known as one of the first private banks, created on 1 August 1786 by the Hottinguer family.
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Oswald Jürgen Grübel is a German banker who was the group chief executive officer of Swiss bank UBS AG from 26 February 2009 until his sudden resignation on the 24 September 2011 in the wake of the 2011 UBS rogue trader scandal. Previously, he has been head of Credit Suisse between 2003 and 2007.
Ulrich Körner is a German-Swiss businessman. In March 2021, he was named CEO Asset Management of Credit Suisse until July 2022, when he was appointed CEO of Credit Suisse AG.
UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland. Headquartered in Zürich, it maintains a presence in all major financial centres as the largest Swiss banking institution and the largest private bank in the world. UBS client services are known for their strict bank–client confidentiality and culture of banking secrecy. Because of the bank's large positions in the Americas, EMEA, and Asia Pacific markets, the Financial Stability Board considers it a global systemically important bank.
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Sergio Pietro Ermotti is a Swiss manager and investment banker. In April 2021, Ermotti was elected Chairman of Swiss Re, one of the world's largest reinsurance companies, succeeding Walter Kielholz. He was the Group Chief Executive Officer (CEO) of UBS Group AG from November 2011 to October 2020 and regained that position in 2023. Board member of Institute of International Finance.
Urs Rohner is a Swiss lawyer, businessman and banker. He is the former CEO of ProSiebenSat.1 Media and former chairman of Swiss bank Credit Suisse. After his 10 year tenure the share price lost 75% of its value leaving the bank engulfed in various scandals and subsequently apologizing for his poor performance at the last shareholder meeting. He is considered one of the worst chairmen in Swiss banking.
Francesca McDonagh is an Irish-British business executive and banker. Since January 2024, she is the chief executive officer (CEO) of German fund group Universal Investment. Prior to that, she served as the chief operating officer (COO) of Credit Suisse from September 2022 to September 2023 where she oversaw its acquisition by UBS, and as CEO of Bank of Ireland from October 2017 to August 2022.
Rainer Emil Gut was a Swiss bank manager.
On 19 March 2023, Swiss bank UBS Group AG agreed to buy Credit Suisse for CHF 3 billion in an all-stock deal brokered by the government of Switzerland and the Swiss Financial Market Supervisory Authority. The Swiss National Bank supported the deal by providing more than CHF 100 billion in liquidity to UBS following its takeover of Credit Suisse's operations, while the Swiss government provided a guarantee to UBS to cover losses of up to CHF 9 billion over the short term. Additionally, CHF 16 billion of Additional Tier 1 bonds were written down to zero.
References
- 1 2 3 "Thomas P. Gottstein". Credit Suisse. Retrieved 7 February 2020.
- ↑ Times, Owen Walker and Stephen Morris in London, Financial. "Thomas Gottstein: Credit Suisse boss buffeted by series of crises". SWI swissinfo.ch.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ↑ Smith, Elliot. "Tidjane Thiam quits as Credit Suisse CEO following spying scandal". CNBC. Retrieved 7 February 2020.
- ↑ Davies, Rob; Sweney, Mark (7 February 2020). "Credit Suisse chief Tidjane Thiam ousted after spying scandal". The Guardian– via www.theguardian.com.
- ↑ "Credit Suisse chief executive resigns after turbulent two years". the Guardian. 27 July 2022. Retrieved 4 October 2022.
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