Switzerland's financial landscape is bolstered by a landmark agreement with the UK, enhancing cross-border access for wholesale financial services. The Mutual Recognition Act, signed on December 21, 2023, allows firms to operate under their home regulations, fostering investor confidence and solidifying Switzerland's status as a global banking leader. As assets under management in the Swiss fund market surpass CHF1.5 trillion, both local and foreign interest in Swiss investment opportunities continues to grow.
UBS is selling 19 branches across Switzerland as part of its consolidation efforts following the integration of Credit Suisse. The properties, located in areas such as Locarno, Glarus, Einsiedeln, and Martigny, can be acquired individually or as a package. Ultimately, UBS plans to close 85 duplicate branches, maintaining a network of 190 by 2026.
UBS is selling 19 branches across Switzerland, including the Locarno branch, as part of its consolidation following the integration of Credit Suisse. This significant real estate transaction allows potential buyers to acquire individual properties or the entire portfolio, with a closing deadline expected in spring 2025. UBS plans to close 85 branches to streamline its network, aiming for 190 branches by 2026, similar to its pre-takeover count.
Dutch bank ING has announced plans to stop financing oil and gas companies developing new fields, aiming for a complete phase-out by 2040. The bank will drop clients not meeting climate goals by 2026, impacting around 25 clients and €1 billion in lending. ING has already reduced its investments in the sector by 40% and is pushing 2,000 clients to reassess their sustainability efforts.
EFG International has welcomed four former XP advisors—Thiago Favery, Raphael Pinheiro, Fernando Olea, and Felipe Sebe—who manage a combined $3.5 billion portfolio, to enhance its private banking services for high-net-worth Brazilian clients. They will officially join the Miami office after their non-compete period ends in December. EFG, a leading Swiss private banking group, manages assets of CHF 160 billion and is recognized for its personalized wealth management solutions.
VP Bank is facing significant challenges, with a 55% profit drop leading to CEO Paul Arni's resignation and a restructuring plan that includes cutting 10% of its workforce. Despite these issues, the bank remains committed to its profitable German operations, focusing on private banking and wealth management, while closing its Hong Kong office and consolidating Asian business in Singapore. Competitors like LGT and LLB maintain a stronger presence in Germany, highlighting VP Bank's limited visibility in the market.
UBS is launching "Project Horizon," offering 19 commercial properties across Switzerland for sale, primarily from Credit Suisse, with a signing/closing expected by spring 2025. Interested buyers must sign a confidentiality agreement and can bid on individual properties or as a portfolio. The sale reflects the significant downsizing of Credit Suisse following its emergency acquisition by UBS.
Nike's leadership is shifting as CEO John Donahoe resigns, to be succeeded by Elliott Hill, a veteran executive with 30 years at the company. This change comes after a significant decline in stock value and aims to restore investor confidence through a return to market-oriented strategies and global expansion. Following the announcement, Nike's stock saw a nearly 10% increase, signaling investor optimism about Hill's potential to blend tradition with innovation to navigate fierce competition.
IG
Frédéric Rochat, Managing Partner at Lombard Odier, discusses the firm's long-term investment strategy amid declining profits and industry challenges. He expresses concern over the proposed inheritance tax initiative in Switzerland, warning it could destabilize the economy by forcing entrepreneurs to relocate or liquidate their businesses. Rochat emphasizes the importance of preserving Switzerland's balanced economic model, which supports both large corporations and small to medium-sized enterprises.
The US Federal Reserve has initiated its easing cycle with a 50 basis point rate cut, reducing the target range to 4.75-5%. Private banks are advising investors to embrace more risk, particularly in equities, while suggesting a shift from cash to high-quality bonds. However, the trajectory of future rate cuts may be influenced by the upcoming presidential election.

Machinary offers a groundbreaking, modular, and customizable solution that provides advanced financial news and statistical analysis. Our platform goes beyond traditional quantitative analysis, offering users a comprehensive understanding of real-time market dynamics, event detection, and risk analysis.

Address

Waitlist

We’re granting exclusive early access to the first 500 users from december 20.

© 2024 by Machinary.com - Version: 1.0.0.0. All rights reserved

Layout

Color mode

Theme mode

Layout settings