Tag Archive
Switzerland Caves In To IRS Demands – US-FOREX.US
To assist the U.S. government Switzerland has lifted its veil of secrecy and has agreed to give 4,450 banking client names to the Internal Revenue Service. The international crackdown on tax evasion has been gaining ever more momentum as governments, smarting from the economic crisis, seek to claw back as much revenue as they can…. »
UBS Needs Talent – US-FOREX.US
When it came to explaining UBS’ woeful performance in the second quarter during a conference call last week, Chief Executive Oswald Gruebel was very blunt about what had gone wrong at his fixed-income division. “I would say the three issues are people, people and people,” he told the analyst who had asked him what the… »
UBS Caught Up In The Issues – US-FOREX.US
You’d think the issue of international tax evasion was big enough to keep government officials talking for a lengthy amount of time. But American and Swiss authorities have a lot more than that to discuss as they seek an agreement over UBS handing over to the U.S.’ Internal Revenue Service the names of several thousand… »
Rights Issue A Risk Too Far For Lloyds – US-FOREX.US
Lloyds Banking Group is facing the choice between the prudent approach that it has been long been known for and a big gamble. Should it stay within the government’s asset protection program or attempt to make a bid for independence?The bank, currently 43% in the hands of the British government, is reportedly mulling a 15… »
Britains Banking Burden Grows – US-FOREX.US
While most European banks have been celebrating a second-quarter turnaround in investment-banking profits, Royal Bank of Scotland could only look on enviously on Friday. The state-controlled bank reported a whopping 1.7 billion loss for the first six months of 2009, driven by the depressed British economy and deteriorating loan values, and said it would not… »
Commerzbank Feels Germanys Pain – US-FOREX.US
It’s not easy being Commerzbank. Whereas other European heavyweights like Barclays, Societe Generale and BNP Paribas have reported strong second-quarter profits, boosted by a turnaround in investment banking, the German lender’s heavier dependence on retail banking resulted in a second-quarter 1 billion loss on Thursday. And with Europe’s biggest economy expected to shrink 6% this… »
Should Lloyds Bulk Up On Investment Banking – US-FOREX.US
It’s been a rather tragic, double whammy for Lloyds Banking Group: Not only does the lender’s deep involvement in domestic retail banking mean its fortunes are dangerously tied to Britain’s economic ups and downs, it has had to deal with billions of dollars worth of bad assets brought on from its controversial takeover of mortgage… »
Oppenheim Opens Its Doors – US-FOREX.US
German financier Salomon Oppenheim, Jr. would be turning in his grave. The private bank he founded 220 years ago, Sal. Oppenheim & Cie., has opened its books for the first time in more than a century to an outside investor-Germany’s Deutsche Bank. The “strategic partnership” being discussed could lead to Deutsche Bank taking a minority… »
Another Small Meal For Deutsche Bank – US-FOREX.US
Germany’s Deutsche Bank likes nibbling rather than swallowing. It announced on Wednesday a potential “strategic partnership” with venerable 220-year-old Luxembourg-based private bank Sal. Oppenheim, but sources close to the talks say Deutsche is only interested in taking a minority stake-”anything between zero to 49%.” Nor is this the first time: Six months ago, Deutsche Bank… »
Prudence Pains Lloyds – US-FOREX.US
Like a few other European banks reporting this week, Lloyds Banking Group is doing its best to put a positive spin on a stunningly bad set of results. The British bank explained Wednesday that it was being “prudent” by marking down billions of dollars worth of legacy assets it had taken on after its controversial… »