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Sergio Ermotti, CEO of UBS, was named European Banker of the Year at the Euro Finance Week in Frankfurt, recognized for his successful integration of Credit Suisse following its emergency acquisition. His leadership is credited with preventing a banking crisis and setting a model for future bank consolidations. In his acceptance speech, Ermotti criticized the governance failures at Credit Suisse and emphasized the potential of the UBS-Credit Suisse merger as a blueprint for the industry.
Sergio Ermotti, CEO of UBS, was named European Banker of the Year at the Euro Finance Week in Frankfurt, recognized for his successful integration of Credit Suisse following its emergency acquisition. His leadership is credited with preventing a banking crisis and setting a model for future bank mergers. In his acceptance speech, Ermotti criticized the governance failures at Credit Suisse and emphasized the potential of the UBS-Credit Suisse integration as a blueprint for creating stronger financial institutions.
UBS CEO Sergio Ermotti was named European Banker of the Year at the Euro Finance Week in Frankfurt, recognized for his successful integration of Credit Suisse following its emergency takeover. His leadership has been credited with preventing a banking crisis and setting a model for future bank consolidations. In his acceptance speech, Ermotti criticized the governance failures at Credit Suisse and emphasized the potential of merging large banks into stronger institutions.
The Global Investment Returns Yearbook 2024 forecasts lower returns for future generations compared to previous ones, although expectations have improved by 200bps since two years ago. A new chapter highlights the significance of corporate bonds, revealing their substantial credit risk premium and the distinct nature of this asset class. Covering 35 markets, the Yearbook emphasizes the importance of historical performance in shaping future investment strategies amid transitioning interest rates and inflation levels.
UBS is considering applying for a US banking license to enhance its presence in the US wealth market, aiming to attract high-net-worth clients through its investment bank. Meanwhile, JPMorgan"s Chase UK has launched its first credit card, targeting profitability by 2025 after amassing over £20bn in deposits since its 2021 launch. Additionally, Rothschild & Co has opened a new wealth management office in Dubai, joining other financial institutions expanding in the region.
Julius Baer has strengthened its client advisory team in St. Gallen, Eastern Switzerland, by hiring four new advisors. Selami Oezkan and Joshua Braun will join on February 1, 2025, bringing extensive experience from UBS and VZ Vermögenszentrum, respectively. Thierry Dobler and Elia Schärer have already started, enhancing the bank"s regional presence and client support.
Lombard Odier announces a leadership change in its Fribourg branch, with Stéphane Python set to take over as head on January 1, 2025. Python, a Fribourg native with extensive experience at Credit Suisse and Julius Baer, will succeed Didier Muller, who will continue to manage the office until the end of December. The branch, serving local entrepreneurs and institutional clients, has doubled in size over the past 15 years and employs six bankers from various generations.
UBS is pursuing an expansion of its US banking license to enhance its ability to offer loans and accept deposits nationwide, viewing the US market as vital for growth. Following the acquisition of Credit Suisse, the bank aims to attract high-net-worth clients through its strengthened investment banking division. UBS plans to acquire a US wealth management firm post-integration of Credit Suisse, as it faces significant competition in the US wealth management sector.
UBS Chairman Colm Kelleher stated that the bank should not face retrospective penalties for its role in the Credit Suisse takeover, emphasizing that intervening to stabilize the financial system should be rewarded. He argued that a private resolution for global systemically important banks is preferable to government-brokered deals, despite acknowledging that such resolutions can be complex. Kelleher also noted that integration efforts are progressing well, focusing on technology and client migration in Asia.
FINMA is intensifying its crackdown on the investor network Moonshot, apartment broker Le Bijou, and a Bernese restaurant, raising concerns about the proportionality of its actions. The authority seeks expanded powers, including the ability to impose fines and conduct more on-site inspections, following its perceived failures during the Credit Suisse collapse. Critics argue that its aggressive interventions, which have halted operations and led to financial ruin for several companies, highlight the need for stricter oversight of FINMA"s own activities.

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