Saturday, 21st November 2009

 

29 July 2008 - Press Briefing

Ex-Swiss private bankers face trial over tax scam

The trial has resumed of top employees of Discout Bank&Trust, the now-defunct Swiss private bank, who have been accused of laundering SFr46.3m (€28.4m) for a ring of Brazilian tax officials, according to a SwissInfo report.

The five defendant could be sentenced by the Federal Criminal Court for up to five years in jail if found guilty.

The case dates back to 2002 when the Geneva-based Union Bancaire Privée acquired the Discout Bank&Trust company. UBP reported irregularities to the authorities and froze the accounts.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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