Swiss Bank Replaces Seven Employees With Five Robots

Swiss Bank Replaces Seven Employees With Five Robots:

A Swiss bank has replaced seven employees with five software robots in order to speed up workflow, according to Bloomberg.

In a pilot project, St. Galler Kantonalbank AG opted for the second option. The bank is so satisfied with the test results that it wants to decide on further assignments by the end of May. –Bloomberg

When St. Galler Kantonalbank (SGKB) needed to transfer around 5,000 securities positions into its own IT systems during the acquisition of M.M. Warburg Bank Schweiz AG’s private banking business, the five robots were put on the job, and “did their job well,” according to SGKB. Now they’re exploring other applications for digital employees.

We’ve seen that’s technically feasible and now we’re exploring whether other applications are worthwhile, and I’m very optimistic about that“, Felix Buschor, member of the management board, said in an interview with Bloomberg. “The assessment of the potential is in full swing.”

Buschor admits some of their human employees are beginning to worry about their jobs – though he offers up a Jedi mind trick of sorts to reassure them that “as we have always compensated efficiency gains through natural fluctuation and because we paid close attention to enabling our employees to develop new technologies, the acceptance is high,” whatever that means.

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Switzerland: An animal hater left sausages with razor blades in them in Lützelflüh. The dog owner was able to take it from his dog before he could swallow it.

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World’s Most Wanted Bank Whistleblower Was Just Arrested, for the Worst Possible Reason

World’s Most Wanted Bank Whistleblower Was Just Arrested, for the Worst Possible Reason:

For a prisoner exchange between Switzerland and Spain? 

Hervé Falciani, the French-Italian former HSBC employee who blew the whistle on HSBC and 130,000 global tax evaders in 2008, has been arrested in Madrid on Tuesday in response to an arrest warrant issued by Switzerland for breaking the country’s bank secrecy laws.

He lives in France, which rarely extradites its own citizens. But when Spanish authorities learned that he was in town to speak at a conference ominously titled, “When Telling the Truth is Heroic,” they made their move. If he is extradited to Switzerland he could face up to five years in prison.

Read moreWorld’s Most Wanted Bank Whistleblower Was Just Arrested, for the Worst Possible Reason

SWITZERLAND passes law that will deny citizenship to virtually all migrants and asylum seekers

SWITZERLAND passes law that will deny citizenship to virtually all Muslim migrants and asylum seekers:

A new civil rights act has come into force in Switzerland that will deny applications for citizenship to migrants and those seeking asylum who have been receiving welfare payments in any of the past three years unless they pay back all the money they have received from the state.

Breitbart  The new regulations will make it impossible for asylum seekers and migrants who have lived off state handouts in the last three years to become citizens even if they have lived in Switzerland as permanent residents for the required time to make a citizenship application, Kronen Zeitung reports.

Read moreSWITZERLAND passes law that will deny citizenship to virtually all migrants and asylum seekers

Switzerland: Large increase in murders and attempted murders for 2017 in Basel.

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Switzerland: Police are looking for this man (20) he is accused of sexually abusing at least two girls (8-12).

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Switzerland: One man found guilty for leaving a comment on Facebook and another for liking it. Both were sentenced to fines but the judgment is not final.

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