News Switzerland Banks: Switzerland votes on whether to stop banks' money making machine
Supporters of a radical scheme to upend Switzerland's financial system have made an 11th hour appeal to voters to approve a proposal to strip banks of the power to create new money through lending. Postal voting, which accounts for the majority of participation in Swiss referenda, is underway in the so-called Sovereign Money initiative, with the polls closing on Sunday. Contrary to common belief, most money in the world is not produced by central banks but is instead created by commercial lenders when they lend beyond the deposits they hold for savers.
News Switzerland Banks: Swiss bank UBP boosts assets under management 8.8% in 2021
Swiss bank Union Bancaire Privee said assets under management rose 8.8% in 2021 to 160.4 billion Swiss francs ($175.40 billion), helped by favourable market conditions and net capital inflows of 5.7 ...
News Switzerland Banks: Ex-bank CEO: $220,000 spent at strip clubs was business expense
A one-time Swiss banking CEO who is on trial for fraud now says that the nearly $220,000 he spent at strip clubs was a legitimate business expense. Pierin Vincenz, the former head of the bank ...
