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President Trump has nominated Michelle Bowman as the Federal Reserve's vice-chair for supervision, aiming for a more industry-friendly regulatory approach. Meanwhile, UBS has delayed its net zero target from 2025 to 2035 due to an expanded corporate real estate portfolio after acquiring Credit Suisse. Close Brothers reported a £104 million loss linked to a car finance scandal, while Santander plans to expand its US presence through a partnership with Verizon, offering bill credits for new high-yield savings accounts.
Citi's Michael Lavelle has been appointed vice chairman of lending after three decades, while Blackstone's Joseph Baratta and Michael Chae join the ranks of billionaires. UBS's Mike Dargan received a $12m loan to aid in the complex integration of Credit Suisse, as the demand for junior bankers dwindles amid a challenging work environment. Meanwhile, HSBC faces pressure in equities trading, with US banks increasingly dominating the market.
UBS has postponed its decarbonization target from 2025 to 2035, citing an expanded corporate real estate portfolio due to its acquisition of Credit Suisse. This delay reflects a broader trend among banks reassessing climate commitments, with UBS remaining a member of the Net-Zero Banking Alliance despite potential changes to its climate goals. The bank's latest sustainability report indicates a shift in focus, removing direct links between senior management compensation and climate objectives.
UBS has delayed its net zero emissions target from 2025 to 2035, attributing the setback to its acquisition of Credit Suisse, which expanded its corporate real estate portfolio. This decision follows a trend among banks reassessing climate commitments, with UBS remaining a member of the Net-Zero Banking Alliance while considering changes to its climate goals. The bank's latest sustainability report indicates a shift in focus, removing direct links between executive compensation and climate objectives.
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Trump nominates Michelle Bowman as Fed vice-chair UBS delays net zero goal
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11:26 18.03.2025
banking industry faces challenges as integration efforts and hiring slow down
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10:19 18.03.2025
ubs delays climate targets by a decade after credit suisse acquisition
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09:15 18.03.2025
ubs delays net zero target to 2035 due to credit suisse acquisition
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06:02 18.03.2025
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