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Aussies caught up in tax probes

Hundreds of Australians have been caught up in an international tax evasion and money laundering investigation that has already triggered raids, arrests and the seizure of expensive property in Europe. The 346 Australians involved hold unnamed, numbered accounts with a Swiss bank. Minister for Revenue and Financial Services Kelly O’Dwyer said the Australians had links to […]

Deutsche Bank and Credit Suisse know the worst

Deutsche Bank and Credit Suisse will pay a collective $12.5bn (£10.2bn) to bring to an end claims flowing from a major US investigation linked to the sale of toxic mortgage-backed securities in the run-up to the financial crisis, the Daily Telegraph and other news outlets report. Deutsche, which had been linked to a $14bn settlement, […]

Fewer millionaires in Qatar

Qatar’s adults remained among the region’s richest people this year, but the country is home to a falling number of millionaires, a new global wealth report has found. Qatar’s wealth per adult this year stood at $161,666 – the highest in the Middle East and North Africa, but down 0.4 percent ($600) since 2015. This […]

Credit Suisse targets Middle East

Credit Suisse Group expects the Middle East to account for a significant part of its growth in private banking as the number of wealthy individuals in the region increases. The Zurich-based bank expects to expand in Dubai and Saudi Arabia as millionaires in the region rise to 500,000 from about 330,000, Iqbal Khan, head of […]

Deutsche Bank leaves, Credit Suisse stays

Deutsche Bank will close its local wealth management business in Australia and service clients from regional “hubs” in Singapore and Hong Kong. The exit follows similar moves by other bulge bracket investment banks, including UBS, Goldman Sachs and Bank of America Merrill Lynch, which have put the shutters down on Australian private wealth operations to […]

Credit Suisse closes Russian unit

Swiss multinational bank Credit Suisse has announced plans to shut down its private banking unit in Russia and redirect client accounts to Switzerland, according to Forbes Russia. The bank will continue to operate in the country, but its range of private services for wealthy clients will be limited to investment advice. Customers who want to […]

Opportunities for Swiss after brexit

While Switzerland has suffered a recent decline in popularity among the very wealthy as a centre for financial services, particularly private banking, Brexit is already changing perceptions of the one-time favourite… Reports are rife about major international banks slimming down their London operations and moving bankers, en masse, to Zurich and Geneva. Credit Suisse and […]