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UBS is contemplating leaving Switzerland, raising concerns about the implications for its identity and the country's reputation. The potential removal of "Switzerland" from its name reflects broader unease regarding the bank's relationship with Swiss citizens and politicians, especially in light of recent financial mismanagement exemplified by Credit Suisse. As UBS weighs its options, the question remains: what value does Switzerland hold for a global financial institution?
Morgan Stanley analyst Judah Frommer highlights that Novartis' Fabhalta has received FDA approval for C3G, but its restricted label leaves room for Apellis' Empaveli to stand out. Fabhalta is indicated for adults to reduce proteinuria, with no established outcomes for post-transplant patients. The firm believes Empaveli can lead in C3G/IC-MPGN, projecting peak U.S. revenue of $550M if its sNDA is approved, contributing $12 to Apellis' $30 price target.
The Swiss stock market remained positive following the Swiss National Bank's decision to cut its key interest rate by 25 basis points to 0.25%. Analysts expect this to be the last cut for the year, with inflation forecasts suggesting no need for further reductions. The SMI index rose by 0.11%, led by Nestlé, while Swissquote shares fell by 7.7% despite reporting a strong fiscal performance.
The Swiss stock market remained positive as the Swiss National Bank (SNB) cut its key interest rate by 25 basis points to 0.25%, a move anticipated by analysts. The SMI index rose by 0.11%, led by Nestlé and Alcon, while Swissquote shares fell 7.7% despite reporting a strong fiscal performance. HOCN shares surged 19% amid plans to appeal a delisting decision.
Roche has abandoned its global diversity targets, including a female management quota of nearly 38% and a goal of employing 19% ethnic minorities, in response to new US regulations. This decision follows similar moves by Novartis and UBS, as companies adapt to the Trump administration's stance against diversity programs. Despite this shift, Roche emphasizes its commitment to fostering an inclusive work environment.
UBS and Roche have abandoned their diversity commitments, including UBS's goal of having 30% of management positions filled by women by 2025. This shift reflects a broader trend among Swiss companies, which face conflicting pressures from U.S. regulations and local inclusion policies, leading to a complex landscape of diversity initiatives.
UBS CEO Sergio Ermotti earned 14.9 million Swiss francs in 2024, including a fixed salary of 2.8 million and bonuses of 12.1 million. His remuneration, a 4% increase from the previous year, has sparked criticism and debate over high bonuses in Switzerland, especially as it remains lower than some German CEOs. A parliamentary proposal to cap bankers' salaries at 3 to 5 million Swiss francs could significantly impact UBS if approved.
The Swiss National Council is set to decide on a proposed salary cap for bank executives, primarily targeting UBS's CEO Sergio Ermotti, whose salary for 2024 is CHF 14.9 million. While public frustration over high salaries grows, the focus should shift to enhancing capital requirements for banks, especially following the Credit Suisse collapse, which highlighted the need for stronger equity buffers. UBS faces potential additional capital requirements of up to $25 billion, yet the Federal Council's reluctance to enforce stricter regulations risks undermining the stability of Switzerland's banking sector.
Banque Cantonale du Valais will appoint two new directors, including Laure Deppierraz as vice-president, to its Board of Directors, while Pierre-Alain Grichting remains chairman. The Conseil d'Etat's proposal, set for approval at the Annual General Meeting on April 17, follows the departure of current Vice-Chairman Gabriel Décaillet and Pascal Indermitte.
UBS CEO Sergio Ermotti earned CHF 14.9 million in 2024, a figure deemed high in absolute terms but moderate compared to U.S. counterparts. The shrinking job market for bankers, exacerbated by the Credit Suisse merger and AI advancements, raises concerns about the future of banking careers. Experts suggest Ermotti's lower salary this year may reflect political considerations amid calls for capping bank executive pay.
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