The Swiss government plans to dramatically increase international cooperation on fiscal transparency, sharing private information about clients of the country’s banks.
The automatic exchange of information (AEOI) on bank accounts will be spread to 22 more countries, including Argentina, Mexico, Brazil, and Uruguay as well as India and South Africa, according to the Federal Department of Finance.
The move aims to put an end to Switzerland’s long-protected banking secrecy practices as well as stopping wealthy foreigners from hiding their undeclared income in the country.
Britain’s biggest banks are preparing to move out of the country in early 2017 because of fears over the impending Brexit negotiations as Anthony Browne, chief executive of the British Bankers Association, said in an interview published by The Observer on Sunday.
The CEO cited fears the European Union politicians will want to erect trade barriers during the Brexit negotiation as a reason for the planned moves. So rather than risk weakening the strength of the City of London’s financial prowess during negotiations, a number of companies are preparing to move wholesale.
The Swiss Association of Bank Employees (ASIB) requires to increase the wages by 1.5% for 2017 and two days off more in 2016.
In a statement today, the ASIB writes that "once again the health insurance premiums rose considerably. In addition, the expected increase in inflation rate later this year and throughout 2017. In light of these facts, salary increase by 1,5% for 2017 appears to be entirely justified. ASIB also requires two additional days off in 2016 to compensate for the loss of public holidays that fall on the weekend this year. An advantage for all employees. "
Commerzbank plans to cut around 9,600 jobs in the next few years and scrap its dividend for the time being as it restructures to become profitable. The restructuring plan through 2020 will cost about €1.1 billion ($1.2 billion). Actually it employs about 45,000 full-time staff.
"The focus on the core business, with some business activities being discontinued, and the digitalisation and automation of workflows will lead to staff reductions amounting to around 9,600 full-time positions," Commerzbank said.
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