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The Swiss National Bank (SNB) cut key interest rates by 50 basis points to 0.5% amid economic slowdown and low inflation, signaling urgency to prevent further appreciation of the Swiss franc. Economists express concern over diminishing options for future rate cuts, with potential foreign exchange market interventions on the table. The decision reflects growing uncertainty in the economic outlook, particularly regarding U.S. and European policies, while SMEs voice worries about the strong franc's impact on their operations.
Stéphane Herrmann, recently appointed Chief Operating Officer for the private clients division at Lombard Odier, faces scrutiny over his rapid ascent amid concerns about his past at Credit Suisse, where he was reportedly forced out due to behavioral issues. Critics argue that promoting him further is a misstep, especially following the bank's recent money laundering charges. Lombard Odier has not addressed these criticisms publicly.
Kristine Schulze has been elected to the Bank Council of Zürcher Kantonalbank, replacing Henrich Kisker, who is stepping down due to age-related term limits. A sustainability specialist with over 30 years in the financial sector, Schulze's experience is seen as a valuable addition to the council.
The fifth edition of the Building Bridges conference on sustainable finance kicks off in Geneva, attracting around 2,500 attendees despite recent political challenges. A highlight this year is the launch of the "Swiss Platform for Impact Investing," aimed at enhancing collaboration among investors, project developers, and policymakers to boost impact investing in Switzerland.
South Korean President Yoon Suk Yeol's brief declaration of martial law on December 3, aimed at curbing political dissent, was swiftly overturned by parliament the next day amid widespread protests. The incident has raised concerns over potential impeachment proceedings and political instability, reminiscent of past crises in the country. While the KOSPI Index has dropped over 2%, analysts suggest the market impact may be temporary, with opportunities for tactical investments in Korean bonds and equities.
Patrick O. Müller has been unanimously elected as the new Chairman of the Zurich Banking Association, succeeding Daniel Hunziker. Müller, a 46-year-old Regional Director at UBS with 18 years of experience, aims to represent the financial sector in Zurich with commitment and responsibility. Hunziker, who led the Association from 2019 to 2024, will be honored for his contributions at the 2024 General Meeting.
Lombard Odier's Zurich EAM Desk, established in 1989, comprises 12 members and leverages a proprietary IT system tailored for external asset managers, enhancing portfolio management and client reporting. Plans for next year include integrating AI tools to improve workflow efficiency and support generational wealth transitions, emphasizing sustainability as a core investment principle.
Basellandschaftliche Kantonalbank (BLKB) has joined the Asset Management Association Switzerland (AMAS), increasing the number of cantonal banks in the organization to nine. BLKB, which has diversified its income through collective capital investments and institutional mandates, offers 14 investment products and aims to influence the regulatory framework in asset management. Founded in 1864, BLKB employs around 1,000 people and operates 24 branches.
Lombard Odier faces serious money laundering charges from the Swiss Attorney General, echoing the Credit Suisse scandal. The allegations stem from connections to Gulnara Karimova, daughter of Uzbekistan's former president, whose criminal organization funneled billions into the bank through a Russian consultant. Despite the charges, Lombard Odier claims the allegations are unfounded and plans to defend itself vigorously.
Lombard Odier, a historic Swiss private bank, has been indicted for aggravated money laundering by Swiss prosecutors, alongside a former employee. The charges relate to allegations of concealing proceeds from a criminal organization linked to Gulnara Karimova, daughter of Uzbekistan's late president. The bank, under investigation since 2016, denies the allegations and plans to defend itself vigorously, asserting that it proactively reported suspicions to authorities.
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snb cuts interest rates amid economic uncertainty and currency concerns
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11:30 12.12.2024
Lombard Odier Promotes Stéphane Herrmann Amid Controversy and Criticism
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07:53 11.12.2024
Kristine Schulze Elected to Zürcher Kantonalbank Bank Council as Sustainability Expert
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10:55 09.12.2024
new platform launched to enhance impact investing in switzerland
08:19 09.12.2024
South Korea's Martial Law Declaration Sparks Protests and Political Turmoil
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09:37 06.12.2024
Patrick O Müller Elected New Chairman of Zurich Bankers Association
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10:55 05.12.2024
Lombard Odier Zurich EAM Desk Enhances Services with Advanced Technology and Sustainability
11:14 03.12.2024
Basellandschaftliche Kantonalbank joins Asset Management Association Switzerland as new member
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09:19 02.12.2024
swiss bank embroiled in money laundering scandal linked to uzbek telecoms fortune
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21:01 29.11.2024
lombard odier indicted for aggravated money laundering in swiss court
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14:44 29.11.2024
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