UBS, Credit Suisse Feel Pain of Negative Interest Rate

(Bloomberg) -- Swiss banks have long complained about the cost from negative interest rates. On the other side, the Swiss National Bank made about $2 billion last year from charging banks to deposit money. Right now, it levies 0.75%, and UBS Group AG and Credit Suisse Group AG are big losers, with net interest income in decline since the SNB introduced negative interest rates in 2015.

©2019 Bloomberg L.P.