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UBS Group AG has initiated job cuts affecting around 3,000 positions in Switzerland as part of its integration with Credit Suisse. The layoffs encompass various roles, including senior management, following UBS's acquisition of Credit Suisse in 2023 aimed at stabilizing the financial sector. To support affected employees, UBS is offering a program to help them find new roles within the company and has implemented a comprehensive social plan to assist those seeking external opportunities.
Revolut is migrating Swiss customers from its British entity to the Lithuanian Revolut Bank UAB, promising individual Swiss IBANs provided by PostFinance. However, confusion arose as users reported that these IBANs are linked to Revolut Bank UAB, requiring specific payment references. The company acknowledges misunderstandings but emphasizes the benefits of the migration, which includes enhanced financial services and no immediate deadline for the switch.
UBS is a crucial pillar of the Swiss financial center, providing significant economic value and employment. Calls to relocate its headquarters overlook the detrimental impact on Switzerland's economy and global standing. Future banking regulations must balance risk management with the need to maintain UBS's competitiveness and stability.
Short interest in Credit Suisse X-Links Gold Shares Covered Call ETN (NASDAQ:GLDI) plummeted by 90% in January, dropping to 100 shares from 1,000. The stock saw a slight decline of 0.1%, trading at $157.18, while the company recently increased its dividend to $1.6262 per share, up from $1.40.
UBS will merge its Bülach branch with Credit Suisse's location on March 31, 2025. The UBS branch at Bahnhofstrasse 39 will close, and services will be consolidated at Bahnhofstrasse 28. Clients have been informed of these changes as part of the ongoing integration of Credit Suisse into UBS across Switzerland.
Julius Baer, once a stable alternative in Swiss banking, faces severe turmoil under new CEO Stefan Bollinger, who inherits a legacy of scandals and a 10% workforce cut that fails to address deeper systemic issues. The bank grapples with legal threats from Georgian billionaire Bidzina Ivanishvili and ongoing regulatory scrutiny, raising concerns about its governance and risk management culture. As Switzerland's banking reputation hangs in the balance, Bollinger must act swiftly to restore trust and profitability amid a backdrop of aggressive growth strategies gone awry.
The Federal Council plans to address concerns raised by the Credit Suisse PUK, including adapting "too big to fail" rules and enhancing FINMA's enforcement powers against systemically important banks. It supports giving the SNB authority for preparatory measures related to extraordinary liquidity assistance and agrees with the need for stronger supervision to prevent international financial crises. However, it does not support restricting relief from capital and liquidity requirements for these banks, emphasizing the need for effective oversight.
The Federal Council plans to incorporate demands from the Parliamentary Commission of Inquiry regarding the emergency merger of Credit Suisse, including adjustments to the "too big to fail" rule and enhanced enforcement powers for FINMA. The government supports giving the Swiss National Bank authority to impose preparatory measures on systemically important banks and agrees with the need for stronger supervisory tools for FINMA, while opposing a motion to limit relief from capital and liquidity requirements.
The Federal Council is addressing concerns raised by Credit Suisse PUK regarding the emergency merger, agreeing to adapt "too big to fail" rules and enhance FINMA's enforcement powers against systemically important banks. While three of the PUK's motions were adopted, the Council rejected a proposal to restrict relief from capital and liquidity requirements, emphasizing the need for stronger supervisory tools for FINMA.
The Federal Council plans to revise "too big to fail" regulations for systemically important banks and enhance the authority of FINMA. This includes allowing the SNB to impose preparatory measures for extraordinary liquidity assistance and granting FINMA the power to impose fines and enforce capital planning. However, the Council rejected a motion to limit relief from capital and liquidity requirements for these banks, emphasizing the need for stronger supervisory tools instead.
Credit Suisse High Yield Bond Fund, Inc.
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