2009
KPMG boosts revenue 3.5 percent
KPMG Switzerland generated revenue of CHF 439 million during the business year ending September 30, 2009, a 3.5 percent increase over the previous year. Revenues grew 8.1 percent to CHF 240 million in the Audit division and 4.0 percent to CHF 108 million in Tax. The only decline was seen in Advisory, a strongly cyclical area, where revenue dropped to CHF 91 million, 7.3 percent lower than the previous year. The good result in the midst of such an adverse economic environment can be attributed to a consistent focus on clients' needs, strong local roots and broad-based international support as well as the company's ability to flexibly adapt its own structures to meet the needs of the market.
12/15/2009
Microscopic work made easier by the KPMG Tomorrow´s Market Award 2009
Imina Technologies has won the 2009 KPMG Tomorrow's Market Award with its prize money of CHF 50,000. As is the case every year, the prize will be presented at the EPFL's Innovation Day and will reward a start-up company whose micro-robots could revolutionize nanomanipulation.
11/19/2009
Insurance Companies Want to Strengthen Risk and Capital Management
With just a few exceptions, the insurance industry has weathered the economic crisis relatively unscathed so far. Nevertheless a global study undertaken by KPMG shows that insurance companies are endeavoring to improve their risk and capital management. The main incentive behind these efforts is not new regulations, however, rather their desire to strengthen their business performance over the long term.
11/10/2009
Trend of Falling Corporate Taxes Has Come To an End
KPMG's Corporate and Indirect Tax Rate Survey 2009 has found that the trend of lower corporate taxes in Europe has come to an end after 13 years. Moreover, the urgent need for greater tax revenue means that many countries are taking active measures both to increase the proportion of tax taken from value-added tax (VAT) and to broaden the base for corporate income taxes.
10/26/2009
Private Banking in upheaval - Switzerland as world leader confronted with serious challenges
A study carried out by KPMG and the University of St.Gallen shows that private banking in Switzerland faces fundamental change. However, in the view of 30 leading private banks, the sector has really only just begun to analyze the situation and not yet launched the process of making adjustments to their business strategy. Growth will occur primarily abroad and there is a question if enough Swiss banks in their current form are well positioned to take best advantage of this trend. Some of the traditionally strong selling points such as tax advantages, banking secrecy and its regulatory environment are not easily portable abroad. The extent to which Swiss private banks will share in the growth depends on their capability to adapt to the new circumstances. In Switzerland, consolidation is expected to accelerate. Opinions expressed by private banks as to whether the near future holds growth or a very sharp decline in the amount of assets under management vary greatly.
10/20/2009
KPMG becomes a partner of the Swiss Climate Foundation
KPMG has now become a partner of the Swiss Climate Foundation. KPMG sees this as an important step towards permanently improving its own ecological behavior and supporting measures taken by small and medium-sized enterprises in Switzerland that are aimed at cutting CO2 emissions and increasing energy efficiency.
10/15/2009
Managers are mainly responsible for white-collar crime in Switzerland
As shown by the "KPMG Fraud Barometer”, over 30 cases of white-collar crime for which a charge was brought, in the first half of 2009 in Switzerland, accounted for more than CHF 200 million - with managers responsible for three quarters of this amount. Fraud and embezzlement continue to be the most common offences.
09/15/2009
New Structure For KPMG Advisory
KPMG has restructured its Advisory business division so as to be able to cater for major changes in client requirements in the best possible manner. As of October 1, 2009, Advisory will comprise three service groups, namely Performance & Technology, Risk & Compliance and Transactions & Restructuring. This streamlined structure will enable KPMG to provide its clients with quick and flexible support with the help of multidisciplinary teams.
09/07/2009
Is the global economic crisis strengthening Switzerland as a tax location?
After seven years of falling income tax rates around the world, a countertrend seems to be emerging. This movement is documented by KPMG's "Individual Income Tax Rate Survey 2009”. Ireland was the first country to significantly increase its maximum income tax rate, pushing it up by 5% to 46%. Iceland also raised its top rate by 1.5% this year, putting the current rate at 37.2%. In the UK, an even bigger increase was announced for the coming year that will boost the top marginal tax rate to 50% on personal income. These developments could further strengthen Switzerland's position as an attractive tax location.
08/24/2009
CIS and Turkey to join KPMG Europe LLP
Vote to become part of Europe's largest fully integrated accountancy firm.
08/12/2009
Private banking sector still appears intent on consolidation
Swiss private banking sector faces fundamental transformation - triggered by «tax haven« disputes with the USA and EU member states and substantial regulatory changes. These developments are further aggravated by cost pressures of unprecedented dimensions in this industry. A global survey conducted by KPMG reveals that acquisition appetite is still evident despite substantial hurdles.
06/26/2009
Benjamin Wall new Sector Coordinator for Automotive at KPMG Switzerland
Benjamin Wall will be the new Sector Coordinator for Automotive at KPMG Switzerland. On June 1, 2009, he will succeed Roger Neininger, who was appointed to the Executive Board and will become the Head of Audit.
05/28/2009
Swiss «outbound» transactions outnumber foreign «inbound» transactions by a factor of 2 to 1
As the new «KPMG M&A Yearbook» shows, the M&A activity has been strongly affected by the current economic climate and uncertainty surrounding longer term prospects. Many companies are revising their budgets, focusing on their order books and cost control rather than growth. With EFG International, Roche Holding AG and DKSH, KPMG has rewarded three companies for their outstanding M&A activities in the previous year.
05/13/2009
Marc Ziegler named as new Sector Head for Transportation & Business Services, KPMG Switzerland
Marc Ziegler to become new Sector Head for Transportation & Business Services for KPMG Switzerland, taking over from Roger Neininger, who will be taking on the role of new Head of Audit on June 1, 2009.
04/20/2009
Regulation as a success factor
Issues surrounding the right level and type of regulation are getting more and more attention, particularly in light of the current financial crisis. People are seeking explanations for the negative economic development and ways to establish a more stable economic system that is less vulnerable to risk. These objectives raise key questions on the future evolution of our economic and social systems, questions that must be discussed widely in public forums.
03/26/2009
Roger Neininger new Head of Audit of KPMG Switzerland
Roger Neininger will take over as the new Head of Audit of KPMG Switzerland on June 1, 2009. He will also become a member of the Executive Committee. Roger Neininger replaces Günter Haag, who successfully led KPMG's largest division for ten years. Günter Haag will focus his attention on KPMG's major industrial clients going forward.
03/24/2009
Banks urged to grasp the nettle of risk management to avert repeat crisis
Despite the continued fall-out from the financial crisis across the banking industry, it appears that not enough institutions are planning to make fundamental changes to their risk frameworks. A KPMG survey pins down the apparent risk management failures which many in the industry are now coming to terms with.
02/24/2009
White-collar crime widespread in Switzerland
In 2008, cases of white-collar crime brought before Swiss courts accounted for more than CHF 1 billion. Further findings of KPMG Forensic Switzerland's "Fraud Barometer 2008” indicate that the majority of white-collar crimes are committed by staff at management level and that the most common offence is the misappropriation of funds, with investors suffering the most.
02/02/2009
New Head of Financial Risk Management at KPMG
Marc D. Grüter to take over leadership of Financial Risk Management at KPMG Switzerland on 1 February 2009.
01/30/2009
Switzerland - still an attractive location for headquarters of international corporations
A growing number of international companies, primarily from the U.S. and Asia, are moving their headquarters to Switzerland - and not only for tax reasons. Located in the heart of Europe, it seems only fitting that companies should choose Switzerland to centralize their management functions. Many companies are using Tax Efficient Supply Chain Management (TESCM) to analyze their existing value-creation model and to generate savings on both taxes and operating costs by reengineering their value chain and shifting functions, risks, and assets to Switzerland. In a joint collaboration, KPMG Switzerland, the University of St. Gallen and the Swiss Federal Institute of Technology Zurich produced a white paper which clearly explains why Switzerland is a particularly attractive location in which to establish principal companies that enjoy low taxes, and how such companies are the key to implementing TESCM projects successfully.
01/26/2009
Swiss Corporates key to leading Global M&A recovery
Swiss deal activity set to hit bottom in Q2/Q3 inline with global deal activity but specific factors could lead to faster recovery than expected in other European countries, claims KPMG's Global M&A Predictor.
01/12/2009
Zurich prosecutor boosts strength of KPMG Forensic team
KPMG is augmenting the services it provides in the Forensic field: Arno Thürig, a longstanding prosecutor of white-collar crime in Canton Zurich, will be the new director in charge of Arbitration and Litigation Support and Crisis Management.
01/07/2009