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Parliament plans to convert the Credit Suisse branch opposite the Federal Palace into a visitor center to accommodate the growing number of visitors, currently around 100,000 annually. However, SVP National Councillor Erich Hess opposes the expansion, fearing it may lead to unnecessary expenditures and a loss of direct contact with politicians. The project is set to be presented to Parliament in 2026, pending further feasibility studies and decisions from UBS, the building's owner.
The latest rich list reveals the Safra family maintaining a stable fourth place in Switzerland with assets of CHF 22.5 billion, while the Hinduja family's wealth rose to CHF 10.5 billion amid legal troubles. Martin Ebner's assets increased to CHF 3.8 billion, bolstered by his stake in Temenos, despite a share price decline. The UBP founding family is valued at CHF 2.3 billion, with notable bank managers like Sergio Ermotti and Colm Kelleher estimated around CHF 175 million.
The latest rich list reveals the Safra family maintaining their position with assets of 22.5 billion francs, while the Hinduja family saw a rise to 10.5 billion francs amid legal troubles. Martin Ebner's wealth increased to 3.8 billion francs despite losses from Temenos, and the de Piciotto family is valued at 2.3 billion francs. Bank managers like Sergio Ermotti and Boris Collardi are estimated at around 175 million francs, with Ermotti benefiting from a substantial salary and share value at UBS.
In the summer of 2022, Credit Suisse engaged in challenging negotiations with the Swiss Financial Market Supervisory Authority (Finma) regarding the sale of its investment banking division, a move aimed at revitalizing the bank. The plan, proposed by the new management team led by CEO Ulrich Körner, was ultimately rejected due to the need for regulatory changes. This period of intense discussion followed the leadership transition from Chairman Antonio Horta-Osorio to Axel Lehmann and the appointment of Körner in July.
UBS has been acquitted in a case involving Credit Suisse's failure to prevent money laundering linked to a Bulgarian cocaine trafficking gang. A Swiss court overturned a previous conviction and fine, citing the presumption of innocence after the death of a former employee involved in the case. UBS stated that this matter pertains to Credit Suisse's legacy.
UBS has faced criticism for its lack of transparency regarding its historical ties to slavery, despite evidence linking its predecessor institutions to the slave trade. Swiss historian Hans Fässler has urged UBS to acknowledge its colonial past, but the bank has dismissed these claims, citing a lack of evidence. Many company archives remain closed, hindering further research into the extent of Swiss financial institutions' involvement in slavery.
The Swiss Financial Market Supervisory Authority (Finma) has issued a new circular on liquidity management for insurers, which has drawn criticism for its lack of understanding of the industry. While the regulations emphasize governance and risk management, they overlook the role of reinsurance and the unique liquidity dynamics of insurers, who typically do not face liquidity crises like banks. The Swiss Insurance Association has deemed the new rules unnecessary, highlighting a disconnect between regulators and the realities of the insurance market.
AllianceBernstein is set to join a lawsuit against the Swiss government regarding the write-off of 17.3 billion in Credit Suisse's AT1 bonds during the bank's bailout by UBS. The plaintiffs claim this action violated investors' property rights and are seeking a total of $375 million in damages. The Swiss government has moved to dismiss the complaint.
Stefan Bollinger has been appointed as the new CEO of Julius Baer, succeeding Philipp Rickenbacher, who stepped down in February. Bollinger, previously co-head of private wealth management at Goldman Sachs, brings three decades of international experience in financial markets. His leadership aims to position Julius Baer as a leading private bank, focusing on sustainable growth and enhanced risk management.
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parliament proposes visitor center at former credit suisse branch in bern
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Erich Hess
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11:49 30.11.2024
wealth rankings of banking families and managers in switzerland
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Boris Collardi
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10:18 29.11.2024
banking families and managers see varied fortunes in latest wealth rankings
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Bank J. Safra Sarasin AG
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Hans-Adam II, Prince of Liechtenstein
Prakash Hinduja
Martin Ebner
Eric Syz
Sergio Ermotti
Boris Collardi
Colm Kelleher
Oswald Grübel
Walter Kielholz
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10:18 29.11.2024
credit suisse's failed investment banking sale and regulatory challenges in 2022
Credit Suisse High Yield Bond Fund, Inc.
CHE
António Horta-Osório
Ulrich Körner
Axel Lehmann
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08:42 29.11.2024
credit suisse acquitted in money laundering case linked to bulgarian gang
01:57 29.11.2024
ubs faces scrutiny over historical links to slavery and colonialism
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00:05 29.11.2024
finma introduces new liquidity rules for insurers amid industry concerns
15:31 28.11.2024
AllianceBernstein Joins Lawsuit Against Switzerland Over Credit Suisse Bond Write-Off
11:42 12.11.2024
Julius Baer Appoints Stefan Bollinger as New Chief Executive Officer
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Credit Suisse High Yield Bond Fund, Inc.
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05:02 07.11.2024
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