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UBS Group AG is re-entering the Australian wealth management market after nearly a decade, leveraging its acquisition of Credit Suisse. The firm is focusing on the growing demographic of affluent women and family offices, aiming to expand its management of over $30 billion in high net worth assets as part of its broader Asia Pacific strategy.
UBS Group AG is re-entering the Australian wealth management market, targeting the growing number of wealthy women and family offices. Following its acquisition of Credit Suisse, UBS aims to expand its high net worth assets, currently over $30 billion, amidst increasing competition from firms like Morgan Stanley. The firm has noted a significant rise in female millionaires and a fivefold increase in requests from the not-for-profit sector, highlighting a shift in investment strategies towards private equity and sustainable assets.
Sergio Ermotti has been named "European Banker of the Year" for 2023, recognizing his leadership during the integration of Credit Suisse into UBS. He views this merger as a potential model for future consolidations in the banking sector, despite facing criticism over his substantial salary.
UBS has faced scrutiny over its historical ties to slavery, with researchers revealing multiple connections to the slave trade through its predecessor institutions. Despite calls for an independent investigation, UBS has dismissed these findings, claiming a lack of evidence while keeping many archives closed to public access. The legacy of Swiss financial institutions in the transatlantic slave trade remains largely unexamined, highlighting a reluctance to confront this dark chapter of history.
A new non-partisan initiative aims to enshrine an ecological and sustainable orientation for the Swiss financial center in the constitution, targeting banks like UBS for their fossil fuel investments. The initiative proposes restrictions on financing new fossil energy projects and calls for a supervisory authority, "eco-finma," to ensure compliance and prevent greenwashing. With the recent collapse of Credit Suisse, proponents see this as an opportune moment for reform in banking regulation.
UBS Group AG has appointed Joe Hannon as the new head of UK mergers and acquisitions, marking a significant shift in its global banking team across Europe, the Middle East, and Africa. Hannon, who previously held the same position at Credit Suisse, will oversee UBS’s M&A strategy in the UK, where the bank has advised on 10 public transactions this year.
Mori Hamada & Matsumoto has partnered with litigation funder LCM to represent Japanese investors in a $150 million claim against Switzerland over the $17 billion write-down of Credit Suisse AT-1 bonds. The claim is based on the Japan-Switzerland Economic Partnership Agreement, allowing arbitration for Japanese investors. The firm aims to file proceedings by the end of 2024, emphasizing that third-party funding is crucial for investors to pursue justice without prohibitive costs.
UBS is facing a credit loss expense of approximately 150 million Swiss francs ($170 million) due to sluggish growth in Europe, particularly affecting Swiss corporates with export-import businesses. CFO Todd Tuckner noted that the integration of Credit Suisse is ongoing, with a pre-tax loss of $700 million expected in the final quarter. He expressed optimism about the bank's performance in Asia-Pacific and highlighted uncertainty surrounding new capital requirements in Switzerland.
On November 14, 2024, Credit Suisse and UBS signed an agreement aimed at ensuring equal protections for male and female workers amid the merger of CS Italy into UBS ESE, effective January 2, 2025. Key provisions include the preservation of existing benefits, salary continuity, and the extension of health and pension protections to all employees, alongside a commitment to work-life balance and safeguarding professionalism during the transition. This agreement reflects a significant step towards balancing business needs with the protection of workers' rights.
UBS is facing a credit loss expense of approximately 150 million Swiss francs (US$170 million) due to sluggish growth in Europe, particularly affecting Swiss corporates with export-import businesses. CFO Todd Tuckner noted that the integration of Credit Suisse is ongoing, with a pre-tax loss of US$700 million expected in the final quarter. He expressed optimism about the bank's performance in the Asia-Pacific region, despite uncertainties surrounding new capital requirements in Switzerland.

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