LLB Switzerland has expanded its teams in Zurich, St. Gallen, and Winterthur, hiring nine new advisors to support its growth strategy. Key appointments include Thomas Knechtli as Regional Head of Corporate Clients in Zurich and Jonas Niggli as Head of Corporate Clients in St. Gallen. The new hires, primarily from UBS and other banks, coincide with the opening of new offices in Zurich and St. Gallen.
UBS subsidiary Fides Treasury Services has appointed François Schnyder as its new CEO, effective October 1, 2024. Following the merger of UBS Switzerland AG and Credit Suisse (Switzerland) AG, Fides becomes an independent entity wholly owned by UBS, enhancing its multibanking and payment solutions for corporate clients. Schnyder brings 30 years of banking experience, having held various senior roles at UBS and Credit Suisse, including Regional Head Valais.
The Swiss National Bank has implemented its third consecutive interest rate cut, driven by the strong appreciation of the Swiss franc and a notable decline in inflationary pressure. With inflation forecasts for 2025 revised down to a concerning 0.5 percent, the cut aims to alleviate pressure on the Swiss export industry and widen the interest rate differential with the eurozone and the US.
LLB Switzerland has expanded its presence by opening new offices in Zurich and St. Gallen, enhancing its corporate and private banking teams. Key appointments include Thomas Knechtli as Regional Head of Corporate Clients in Zurich and Maria Colicchio leading Private Banking in Winterthur/Thurgau and St. Gallen. The new teams bring extensive experience from leading financial institutions, aiming to strengthen client services in the region.
The Swiss National Bank (SNB) has cut its benchmark interest rate by 25 basis points to 1.00 percent, signaling a likely further reduction in December and March due to low inflation and economic weakness. Analysts anticipate continued upward pressure on the Swiss franc, suggesting potential foreign exchange interventions to stabilize the currency. The SNB's revised inflation forecasts indicate a significant decrease in price pressures, reinforcing the need for a cautious monetary policy approach.
Most wealthy investors are contemplating portfolio adjustments ahead of the November 5 U.S. presidential election, with 77% considering new allocations. The economy is viewed as the top election issue by 84% of investors, who are nearly split on which candidate—Donald Trump or Kamala Harris—would manage it better. Potential beneficiaries of Harris's policies include healthcare and sustainable investing sectors, while Trump's presidency could favor defense and energy industries.
Oil prices have retreated as developments in Libya ease supply concerns, with expectations of increased oil flow following agreements on central bank governance. Meanwhile, China's government is pushing for economic growth amid a downturn, while upcoming US price data and Fed Chairman Powell's speech may influence market dynamics.
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LLB Switzerland has expanded its presence by opening a new branch in St.Gallen, located at St.Leonhard-Strasse 49. The team includes three experienced advisors: Jonas Niggli, overseeing corporate clients; Maria Colicchio, leading private banking; and Marco Giannotta, a senior advisor for corporate clients. This move marks a significant step in LLB's strategic growth.
Gold reached a record high of USD 2,670/oz on September 24, driven by geopolitical concerns and a declining US dollar. CIO has upgraded its year-end target to USD 2,750/oz and mid-2025 target to USD 2,850/oz, emphasizing gold's long-term hedging benefits and recommending a 5% allocation in diversified portfolios. Despite signs of slowing Chinese demand, underlying interest remains strong, particularly with increasing ETF demand as uncertainty rises ahead of the US elections.
Regula Berger will relocate to Basel as the new Group CEO of Basler Kantonalbank, taking over from Basil Heeb next year. Although she has been with BKB since 2018, she has maintained her residence in Zurich. The move aligns with the unwritten rule for heads of cantonal banks to pay taxes in their respective cantons.
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