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Jürg Kaufmann has been removed as head of the UBS Berne region, along with his key employee overseeing wealthy clients, amid ongoing management upheaval. Chief executive Sabine Keller-Busse, facing pressure from Sergio Ermotti, aims to regain control after a series of high-profile departures to competitors. The new leadership faces challenges due to a lack of experience, complicating efforts to stabilize the region.
A manager at Julius Baer, Thomas Frauenlob, earned CHF 6.8 million in 2024, making him the bank's highest-paid employee, largely due to a controversial "Golden Hello" compensating for lost bonuses at UBS. This remuneration has sparked criticism amid ongoing job cuts at the bank, raising concerns about fairness and shareholder impact. The disparity between high executive pay and employee layoffs highlights a troubling trend in the financial sector.
Julius Baer is set to open a branch in Milan by the first half of 2025, marking its entry into the onshore Italian market. Roberto Coletta, formerly of Deutsche Bank, will lead the new branch, which will operate under Bank Julius Baer Europe SA in Luxembourg. This expansion underscores the bank's commitment to serving Italian clients and enhancing its presence in Europe.
Julius Baer is set to open a new branch in Milan in the first half of 2025, targeting wealthy private clients and family offices. Roberto Coletta, formerly of Deutsche Bank and Credit Suisse, will lead the Italian operations, reporting to Falk Fischer, CEO of Julius Baer Europe. This expansion enhances the bank's presence in Europe and its offerings for affluent clients.
UBS meets high risk-weighted capital requirements as a global systemically important bank, while facing ongoing economic uncertainty and legal challenges, including provisions for legal cases totaling CHF 3.6 billion. CEO Sergio Ermotti's compensation for 2024 is set at CHF 14.9 million, amidst discussions on capital requirements and the bank's size-related risks. The Group's income is primarily derived from wealth management (50.9%), followed by investment banking (20.8%) and commercial banking (20.2%).
HSBC and UBS are expanding their wealth management operations in India following a surge in IPO activity. UBS plans to acquire a stake in 360 ONE, one of the country's largest wealth management firms, signaling a strategic move to enhance their presence in the growing market.
Analysts are focusing on Volkswagen, UBS, Julius Baer, and Carlsberg, with articles provided for informational purposes only. These do not constitute investment recommendations and carry risks, including potential total loss of capital. WallstreetONLINE disclaims any liability for the accuracy or completeness of the information, which reflects the views of independent authors and not its editorial team.
Analysts at Zürcher Kantonalbank are optimistic about a potential CHF 300 million share buyback program for Julius Baer next year, despite recent postponements. The bank's share price fell after the lack of a new buyback announcement, but analysts maintain a positive outlook, rating the shares as "overweight." Upcoming events, including an Investor Day, are expected to act as catalysts for share performance.
The Swiss stock market closed slightly higher, with the SMI rising 0.15% to 12,893.98 points, buoyed by gains in cyclical and financial stocks. Notable performers included OC Oerlikon (+8.7%) and Basilea (+8.3%), while Lonza (-2.7%) and Siegfried (-6.3%) faced declines due to conservative outlooks. Encouraging economic signals from Germany and the USA contributed to a positive market sentiment.
Julius Baer, UBS, and Vontobel have shown divergent performances following their annual results, with Julius Baer shares down 8% due to high costs despite strong investment banking earnings. In contrast, Vontobel reported a 24% profit increase, driven by private client growth, while UBS faces potential capital requirement challenges. The future remains uncertain as these banks navigate their respective hurdles.
Julius Bär Gruppe AG
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
UBS Bern leadership shakeup as Jürg Kaufmann is ousted
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