For the first time since the Nazis, Swiss bankers afraid to travel

[Rajiv]

For the first time since the Nazis, Swiss bankers afraid to travel By Porter Stansberry

.
.
.
.
Consider this: For the first time since Nazi Germany was in power, Swiss bankers are afraid to travel. Says The Wall Street Journal:

UBS, the world's largest manager of private wealth by assets, has barred "client-facing" staff in its wealth-management divisions from traveling abroad... other private bankers in Switzerland are being advised to exercise personal discretion in their travel decisions.
.
.
.
.
.

[GRG55]

Re: For the first time since the Nazis, Swiss bankers afraid to travel

For the first time since the Nazis, Swiss bankers afraid to travel By Porter Stansberry

Seems pretty difficult to run a "relationship" business, while making it difficult to develop and maintain relationships.

Given the losses for its investors, the scandal, the Swiss Government bailout, the attacks from outside on Swiss bank secrecy, and now this, it would seem that UBS' powerful franchise in private banking may never recover...

[seanm123]

Re: For the first time since the Nazis, Swiss bankers afraid to travel

At the G-20 meeting Gordon Brown made a proclamation about
banking secrecy being over, yet 11 of the world's 37 suspect jurisdictions, as defined by the proposed U.S. anti-tax-dodge law, are inextricably linked to Britain. These secrecy jurisdictions are where the profits of legal activity and the spoils of fraud, terrorism, drug trafficking, arms sales and plunder are hidden and in my opinion will stay hidden.

The supposed billions at UBS in Switzerland deposited by 17k US citizens is childs play compared to the trillions hidden elsewhere and is a diversion, after all Gordon Brown has been pledgeding to close loopholes in offshore tax havens for at least 12 years.

[cjppjc]

Re: For the first time since the Nazis, Swiss bankers afraid to travel

after all Gordon Brown has been pledgeding to close loopholes in offshore tax havens for at least 12 years.

Well I'm sure he's going to get right on it then. Seriously, There was posted by EJ a thread regarding a new political party. Without a new level of partisipation by ORDINARY citizens in every country, I feel, in the words of another on this board; "We Are Toast". I have given up hope.

[GRG55]

Re: For the first time since the Nazis, Swiss bankers afraid to travel

At the G-20 meeting Gordon Brown made a proclamation about
banking secrecy being over, yet 11 of the world's 37 suspect jurisdictions, as defined by the proposed U.S. anti-tax-dodge law, are inextricably linked to Britain. These secrecy jurisdictions are where the profits of legal activity and the spoils of fraud, terrorism, drug trafficking, arms sales and plunder are hidden and in my opinion will stay hidden.

The supposed billions at UBS in Switzerland deposited by 17k US citizens is childs play compared to the trillions hidden elsewhere and is a diversion, after all Gordon Brown has been pledgeding to close loopholes in offshore tax havens for at least 12 years.

Save your outrage and energy. The politicians want the tax haven thing to work the same way as the bogus bonus issue. As a distraction for the masses, in the hope of receiving approbation instead of villification for their handling of this whole sordid affair.

A couple dozen overpaid people at the top of the Wall Street pyramid, along with the key elected and unelected officials from several successive Administrations have done far, far more to permanently damage the future prospects for you and your family than all of those 17k US citizens combined.

[GRG55]

Re: For the first time since the Nazis, Swiss bankers afraid to travel

Seems pretty difficult to run a "relationship" business, while making it difficult to develop and maintain relationships.

Given the losses for its investors, the scandal, the Swiss Government bailout, the attacks from outside on Swiss bank secrecy, and now this, it would seem that UBS' powerful franchise in private banking may never recover...

And the news keeps getting worse for this busted bank...

UBS to announce more job cuts soon: media

Sun Apr 12, 2009 8:40am EDT

ZURICH (Reuters) - Swiss bank UBS will announce more job cuts soon, with staff in Switzerland and departments like marketing to be hit hard, newspapers reported on Sunday...

...NZZ am Sonntag said Switzerland would also be hit hard this time, with job cuts among the 26,400 due to be announced on April 22, unnamed sources said...

[GRG55]

Re: For the first time since the Nazis, Swiss bankers afraid to travel

And the news keeps getting worse for this busted bank...

UBS to announce more job cuts soon: media

Sun Apr 12, 2009 8:40am EDT

Seems pretty difficult to run a "relationship" business, while making it difficult to develop and maintain relationships.

Given the losses for its investors, the scandal, the Swiss Government bailout, the attacks from outside on Swiss bank secrecy, and now this, it would seem that UBS' powerful franchise in private banking may never recover...

"Customer defections...". The kiss of death for a private banking franchise...

UBS to Cut 7,500 More Jobs After Loss, Asset Outflows

April 15 (Bloomberg) -- UBS AG, Switzerland’s largest bank, plans to cut another 7,500 jobs, bringing total staff reductions to almost 20 percent of the workforce, amid mounting losses and customer defections.

UBS remains in a “precarious situation” after clients withdrew 23 billion Swiss francs ($20.1 billion) from the main wealth management unit and the bank posted a first-quarter net loss of almost 2 billion francs, Chairman Peter Kurer, who steps down today, told shareholders today in Zurich...