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UBS wants new recruit Khan to drop criminal complaint over spying: paper

UBS wants Iqbal Khan, co-head of its wealth management business, to drop his criminal complaint over a spying scandal that emerged after he left cross-town rival Credit Suisse , the SonntagsZeitung newspaper reported on Sunday. UBS’s board would welcome it if Khan abandoned his complaint against the three private detectives who followed him during his last weeks as a Credit Suisse employee, the paper said, citing sources close to the UBS board. Khan, who left Switzerland’s second-biggest bank in July and began working at UBS in October, was under surveillance by private detectives hired by Credit Suisse …read more […]

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Leading union demands concessions in Thyssenkrupp elevator sale

Top representatives at IG Metall, Germany’s biggest union, will not approve a sale of Thyssenkrupp’s prized elevator division unless potential buyers give far-reaching concessions to employees, they said. The remarks come as Thyssenkrupp’s efforts to list or sell the unit, which some analysts believe could be valued at 17 billion euros ($18.8 billion) or more, with at least 10 bidders shortlisted to submit indicative offers. Labor representatives have always had great influence at the steel-to-submarines conglomerate and hold half of the 20 seats on its supervisory board, with IG Metall members representing the majority of those. …read more […]

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China should ease regulations for foreign financial institutions: HSBC executive

China should ease regulations so that foreign financial institutions can obtain licenses and raise deposits more easily in the country, a senior executive from HSBC said on Sunday. Peter Wong, deputy chairman and chief executive of HSBC’s Asia Pacific operations, also told a financial summit in Shanghai that China needs to improve corporate governance and investor protection to mitigate systemic risks. …read more […]

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China should ease regulations for foreign financial institutions: HSBC executive

China should ease regulations so that foreign financial institutions can obtain licenses and raise deposits more easily in the country, a senior executive from HSBC said on Sunday. Peter Wong, deputy chairman and chief executive of HSBC’s Asia Pacific operations, also told a financial summit in Shanghai that China needs to improve corporate governance and investor protection to mitigate systemic risks. …read more […]