GENEVA–(BUSINESS WIRE)–Oct 12, 2020–

Temenos (SIX: TEMN), the banking software company, today announced that FlowBank has selected Temenos Transact delivered as SaaS to power its new digital bank in Switzerland. Temenos Transact core banking technology will enable FlowBank to rapidly launch and offer a new investing experience to private and institutional investors in Switzerland and internationally.

FlowBank has recently secured its banking license in July 2020 and is planning to launch the operations by the end of 2020. The bank aims to meet the needs of both sophisticated and new investors, who wish to manage their banking and investments on their own. The bank addresses this growing market segment by offering a simple, reliable investment experience open to all, using an optimized trading platform underpinned by Temenos Transact. The bank is FINMA-regulated and deposits are guaranteed up to CHF 100,000.

With Temenos SaaS, FlowBank will create a hyper-efficient cost model

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VIENNA (Reuters) – Lufthansa

unit Swiss International Air Lines plans to cut roughly 1,000 jobs over the next two years through voluntary measures rather than layoffs, its outgoing Chief Executive Thomas Kluehr said in remarks published on Saturday.

The Swiss government has granted the airline more than 1 billion euros ($1.17 billion) in loan guarantees to help it cope with the collapse in air travel due to the pandemic. Like many of its peers it decided to shrink its staff and fleet.

“We are initially relying on three socially acceptable measures: a hiring freeze, part-time models with salary reductions, and early retirement,” Kluehr told newspaper Schweiz am Wochenende, adding that based on staff fluctuations in recent years it should be possible to cut 1,000 jobs without layoffs.

Swiss and Edelweiss Air, a much smaller sister airline, have 10,475 employees, according to the Lufthansa Group’s second-quarter financial report https://investor-relations.lufthansagroup.com/fileadmin/downloads/en/financial-reports/interims-reports/LH-QR-2020-2-e.pdf. Swiss has

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VIENNA (Reuters) – Lufthansa <LHAG.DE> unit Swiss International Air Lines plans to cut roughly 1,000 jobs over the next two years through voluntary measures rather than layoffs, its outgoing Chief Executive Thomas Kluehr said in remarks published on Saturday.

The Swiss government has granted the airline more than 1 billion euros ($1.17 billion) in loan guarantees to help it cope with the collapse in air travel due to the pandemic. Like many of its peers it decided to shrink its staff and fleet.

“We are initially relying on three socially acceptable measures: a hiring freeze, part-time models with salary reductions, and early retirement,” Kluehr told newspaper Schweiz am Wochenende, adding that based on staff fluctuations in recent years it should be possible to cut 1,000 jobs without layoffs.

Swiss and Edelweiss Air, a much smaller sister airline, have 10,475 employees, according to the Lufthansa Group’s second-quarter financial report https://investor-relations.lufthansagroup.com/fileadmin/downloads/en/financial-reports/interims-reports/LH-QR-2020-2-e.pdf. Swiss

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(RTTNews) – Despite paring a substantial portion of its early gains, the Switzerland stock market ended moderately higher on Thursday.

Stocks moved higher as investors reacted positively to the latest batch of economic data, and on optimism about a potential coronavirus relief package in the U.S.

Worries about the spread of the coronavirus virus continued to weigh, limiting market’s uptick..

The benchmark SMI ended with a gain of 51.12 points or 0.5% at 10,238.12, well off the day’s high of 10,312.37. The index touched a low of 10,209.99 in late afternoon trades.

Givaudan, Sika, Lonza Group and Swatch Group gained 1.3 to 1.7%. Alcon ended 1.1% up, while Richemont, Nestle, ABB, Novartis and Swisscom gained 0.5 to 0.75%.

Bank stocks Credit Suisse and UBS Group declined 0.9% and 0.3%, respectively.

Among midcap stocks, AMS moved up 2.5%, extending recent gains. Kuehne & Nagel and Helvetia gained 2% and 1.8%, respectively.

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ZURICH (Reuters) – Swiss financial market supervisor FINMA on Thursday reprimanded private Bank SYZ over money laundering rules breaches involving business ties with a politically exposed Angolan client who made transactions worth tens of millions of Swiss francs.

“FINMA found that the bank did not make sufficient efforts to investigate the substantial growth in the client’s assets,” the watchdog said in a statement, adding it had also failed to clarify the client’s high-risk transactions. “The bank did not adequately resolve issues that should have raised suspicions.”

Bank SYZ said it had taken a number of measures to improve the systems it had in place.

“The bank attaches the utmost importance to compliance with its anti-money laundering obligations,” it said in an emailed statement. “Unfortunately, for a specific business relationship, the procedures put in place proved to be inadequate.”

FINMA noted the Geneva-based wealth manager had reported suspicions, which enabled criminal

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PARIS (Reuters) – The Swiss arm of France’s BNP Paribas said it is closing its commodity trade finance business, the latest bank to withdraw after the coronavirus crisis led to defaults and exposed a series of frauds.

Industry sources have said the BNP division has struggled to be profitable since cutbacks prompted by a $8.9 billion fine it paid for violating U.S. sanctions in 2014.

“BNP Paribas (Suisse) SA has decided to discontinue its commodity transactional financing activities,” BNP’s Swiss arm said in a statement, adding that this could impact up to 120 employees in Geneva.

It did not give a timetable for the closure but said clients interests would be preserved, adding that it would refocus on corporate and institutional banking and wealth management.

Dutch lender ABN Amro last month announced its withdrawal from commodity trade finance after a run of losses.

BNP said last year it was considering

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  • The World Economic Forum’s flagship Davos summit might be cancelled for 2021, according to a report in the Swiss media.
  • Originally, the event was scheduled to take place from January 26-29 but was postponed to “early next summer” because of the COVID-19 pandemic.
  • A WEF spokesperson told swissinfo.ch that the organization is not “communicating on this topic for the time being, because no decision has yet been made.” Further information is expected in the coming weeks.
  • The event’s cancellation would cause massive losses to businesses in Davos as it contributes millions of francs annually to the Swiss economy.
  • Visit Business Insider’s homepage for more stories.

The World Economic Forum’s flagship summit in the Swiss ski resort of Davos might just be cancelled in 2021, according to a report from Swissinfo.ch.

The four-day conference, which brings together politicians, plutocrats, celebrities and activists, was first expected to be

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ZURICH (Reuters) – Innovation has been a driving force behind Switzerland’s financial success in recent years, and will be essential for its post COVID-19 economic recovery.

A protective mask with replaceable filters of Swiss manufacturer Kraftwerk AG is seen in Zurich, Switzerland August 27, 2020. REUTERS/Arnd Wiegmann

The country has the world’s highest R&D spend per capita and was the top-ranked nation in the Global Innovation Index, based on indicators including investments, patent applications and high-tech exports.

After posting its steepest ever quarter-on-quarter decline in GDP on Thursday, a government economist said innovation will be a key driver for its recovery.

“Switzerland doesn’t have any oil fields, but we have brains,” said Swiss National Science Foundation spokesman Christophe Giovannini. The SNSF distributes 1 billion francs a year to research projects.

“Education, developing the minds and skills of young people, and research and innovation are key to the economic welfare of

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