Swiss Banking News: February 2010

2.02.2010 The justice minister of Switzerland warned that UBS could collapse if talks with the US high-profile tax fraud investigation break down. Switzerland and the United States have agreed upon the deal in terms of which UBS would hand over information on 4,500 account holders to US tax police. However, this agreement was put in doubt this month by a Swiss court ruling.
The Swiss justice minister Eveline Widmer-Schlumpf told the press that the actions of the UBS in the United States are very problematic because they threaten all of the bank's activities. By her words, the Swiss economy and the job market would suffer if UBS fails in case of its licence being revoked in the United States.

11.02.2010 Credit Suisse Group announced fiscal results for the fourth quarter and for the full year 2009. The Group reported net income in the amount of CHF 6.7 billion, a return on equity of 18.3% and net new assets of CHF 44.2 billion. The tier 1 ratio was 16.3%.
Despite lower client trading activity in November and December of 2009, net income of the Group reported in the fourth quarter of 2009 was CHF 0.8 billion, a return on equity was 8.3% and net new assets were CHF 12.5 billion.