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Sergio Ermotti, CEO of UBS, earned nearly CHF 15 million in 2024, with a stable monthly salary of CHF 208,333 and a reduced annual variable component of CHF 12.10 million. The total remuneration for UBS's management team rose to CHF 143.6 million, while the supervisory board's compensation decreased to CHF 14 million. The integration of Credit Suisse is ongoing, with significant savings expected by 2027.
Swiss parliament is grappling with the implications of UBS's acquisition of Credit Suisse, as the Socialist Party pushes for stricter banking regulations and a ban on political donations from major banks. They argue that current proposals from the parliamentary commission of inquiry fall short in addressing systemic risks posed by "too big to fail" banks. Meanwhile, right-wing parties caution against over-regulation, emphasizing the importance of maintaining Switzerland's financial center competitiveness.
Switzerland's Social Democrats have proposed that UBS increase its capital by $40 billion to enhance financial stability following the 2023 Credit Suisse collapse. The 49-page action plan includes measures for stricter regulations, a state guarantee, and an earnings pool at the Swiss National Bank, though it faces significant opposition in parliament. The party warns that if the banking lobby resists these changes, UBS may need to be broken up or relocate its headquarters.
The Swiss Social Democrats have proposed that UBS increase its capital by $40 billion to enhance financial stability following the 2023 Credit Suisse collapse. Their action plan includes measures for stricter regulations, a state guarantee, and the establishment of a profit reserve at the Swiss National Bank. However, the proposal faces significant opposition in Parliament, raising concerns about UBS's systemic risk to Switzerland.
Switzerland's Social Democrats have proposed a plan to increase UBS's capital requirements by $40 billion, citing the need for stricter regulations following the Credit Suisse collapse. The 49-page action plan includes measures like a state guarantee fee and an earnings pool at the Swiss National Bank for crisis management. However, the proposal faces significant hurdles in parliament, with the possibility of UBS being broken up if no agreement is reached.
The Swiss National Bank (SNB) reported a definitive profit of CHF 80.7 billion for 2024, exceeding earlier estimates of around CHF 80 billion. This profit includes gains from gold reserves due to a rise in gold prices, and the Confederation and cantons will receive a distribution of approximately CHF 3 billion. In contrast, the SNB recorded a net loss of about CHF 3 billion in 2023.
Sergio Ermotti has emphasized the critical nature of upcoming decisions for Switzerland's financial future, as UBS navigates increased regulatory scrutiny following its acquisition of Credit Suisse. The bank faces potential capital requirements that could cost up to CHF 25 billion, prompting intensified lobbying efforts to influence parliamentary discussions. Despite initial concerns, UBS's market value has nearly doubled since the takeover, although recent regulatory proposals have caused significant fluctuations in its share price.
Raiffeisen Group reported a 13% decline in profit for 2024, totaling 1.2 billion Swiss francs, impacted by a changing interest rate environment. Despite this, the bank gained market share in the mortgage sector, with lending up 4.6%, and expanded its corporate client base by acquiring 5,000 new clients. Challenges included a setback in app development and a value adjustment of 82.4 million on its investment in Leonteq, while the search for a new CEO continues following Heinz Huber's departure.
Lower interest rates are driving increased demand for owner-occupied homes in French-speaking Switzerland, leading to anticipated price acceleration for single-family homes and condominiums. While the rental market's vacancy rate has improved slightly, supply remains tight, forcing tenants to make compromises. The Swiss National Bank's key interest rate cut is expected to lower mortgage rates, allowing tenants to negotiate rent reductions in the coming months.
UBS analysts predict a drop in the benchmark mortgage rate from 1.75% to 1.50% on March 3, benefiting renters with potential rent reductions of about 2%. This change is expected to remain stable throughout 2025, with landlords required to adjust rents accordingly by the next contract termination date, likely between July and November.
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ubs ceo sergio ermotti earns nearly 15 million swiss francs in 2024
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