Eighty Swiss banks have agreed to pay the US fines totaling $1.36 billion in order to avoid court prosecution, according to the US Justice Department. After the investigation has been completed all the banks are required to cooperate in related criminal or civil proceedings, said the department. The US Justice Department began its Swiss Bank Program in 2013. It provided a way for Swiss banks to admit... 

Swiss banking giant UBS has announced plans to slash some 10,000 jobs worldwide. The largest bank in Switzerland, UBS AG, has announced plans to cut about 10,000 jobs worldwide, as the economic crisis in the European country continues to worsen. “This decision has been a difficult one, particularly in a business such as ours that is all about its people. Some reductions will result from natural...