Jeremy Marshall, the former head of UK private banking at Credit Suisse, has been appointed chief executive of C Hoare & Co, the UK’s oldest private bank, in place of current CEO Alexander Hoare who is taking a sabbatical.
Luxembourg’s financial market watchdog CSSF gave Swiss bank UBS three months on Wednesday to make changes to its Luxembourg custodian bank in the wake of the arrest of accused Wall Street swindler Bernard Madoff.
UBS was sued on Tuesday in a Swiss federal court by wealthy American clients seeking to prevent the disclosure of their identities as part of a tax-evasion investigation by the United States Justice Department.
Switzerland has set up a taskforce to find ways to better defend its interests amid a U.S. tax investigation into UBS that threatens to undermine bank secrecy laws, the government said on Wednesday.
Shares in EFG International AG tumbled over 30 percent to a record low on Wednesday after the Swiss private bank missed 2008 earnings forecasts, cut its dividend and ditched its 2010 targets.