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A Swiss appeal court has acquitted UBS in a historical money laundering case linked to Credit Suisse, overturning a 2022 conviction. The court determined that the death of a former employee, who had been convicted on related charges, made an appeal impossible.
Claude Maurer, former Chief Economist at Credit Suisse, will join BAK Economics in Basel as Chief Economist and Executive Board member starting December 1, 2024. With nearly 20 years at CS, Maurer aims to leverage modern technologies, including AI, to enhance economic research and consulting at the institute. A former professional athlete, he represented Switzerland in sailing at the 2000 Olympics and holds a degree in economics from the University of Zurich.
German exporters show renewed optimism for the first time in six months, despite initial concerns following Donald Trump's election victory. Meanwhile, the Swiss financial sector remains robust, contributing CHF 108.4 billion in value added and CHF 20.7 billion in tax revenues, although employment is expected to decline due to integration challenges at Credit Suisse. Additionally, a non-partisan alliance in Switzerland is advocating for stricter environmental regulations in the financial sector.
The financial sector remains a crucial pillar of the Swiss economy, contributing CHF 108.4 billion in value added and supporting nearly 480,000 jobs. In 2023, banking services represented 16% of service exports, while insurance services accounted for 6.4%. Despite expected growth in commission business, employment is projected to decline due to the integration of Credit Suisse into UBS and ongoing challenges in the insurance market.
Claude Maurer, former Chief Economist at Credit Suisse, will assume the role of Chief Economist at BAK Economics Basel on December 1, 2024. Returning to his roots, Maurer aims to enhance the integration of traditional economic research with technological innovation, focusing on IT-supported solutions to boost productivity for SMEs.
UBS has selected Clearstream to manage fund distribution support for its former Credit Suisse business, aiming to streamline operations and reduce costs. The partnership will leverage Clearstream’s Fund Centre platform, enhancing compliance and regulatory adherence while allowing UBS to focus on its core capabilities. Philippe Seyll, CEO of Clearstream Fund Centre, expressed enthusiasm for the collaboration, which positions UBS for growth in the evolving market.
The Swiss financial sector remains a crucial component of the economy, contributing CHF 108.4 billion in value added and supporting nearly 480,000 jobs in 2023. Banking services accounted for 16% of service exports, while insurance services contributed 6.4%. However, employment is expected to decline due to the integration of Credit Suisse into UBS, with a projected decrease of 0.6% in 2024 and 1.1% in 2025, amid a challenging market for insurance companies.
Claude Maurer has been appointed as the new Chief Economist of BAK Economics, returning to the institute after nearly two decades at Credit Suisse. A former professional athlete who represented Switzerland in sailing at the 2000 Olympics, Maurer aims to leverage new technologies for economic research, emphasizing BAK's unique blend of knowledge, data, and technology.
The financial sector in Switzerland generated nearly CHF 74 billion in gross value added in 2023, accounting for about 10% of the economy and employing 240,000 people. Despite its significance, job cuts are anticipated in banking due to the integration of Credit Suisse into UBS, while insurance and other financial services are expected to see moderate job growth. Notably, banking services led service exports, surpassing tourism, but growth is hindered by challenging EU market access.
UBS has been acquitted by the Federal Supreme Court in the Bulgarian cocaine trial, following an appeal. The court's decision was influenced by the death of a former employee linked to the case, which prevented further examination of the accusations against the bank. Consequently, UBS's compensatory claim has been canceled.
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