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Evrard Bordier, CEO of Bordier Bank, critiques the merger of UBS and Credit Suisse, arguing it undermines competition in Switzerland"s financial sector. He believes that smaller banks can thrive by maintaining cost discipline and personalized service, despite industry pressures for consolidation. Bordier emphasizes the importance of family ownership and innovation, while also highlighting the bank"s strategic partnerships in Asia, particularly in Vietnam.
Chainlink has partnered with major financial institutions, including Franklin Templeton and UBS, to enhance data processing through AI and blockchain technology. This initiative aims to automate and standardize corporate data, potentially saving companies millions by reducing operational inefficiencies. By creating a "Unified Golden Record," stakeholders will gain near-instant access to accurate financial data, paving the way for transformative solutions in the fintech industry.
Vontobel reported a rise in assets under management to 227.6 billion francs by the end of September, driven by strong market performance and net new money inflows of 2.6 billion francs. While inflows from Private Clients remained robust at 3.1 billion francs, Institutional Clients experienced outflows of 0.5 billion francs, though these have slowed. The bank is on track with its cost-cutting program, aiming for a 100 million franc reduction by 2026, and continues to focus on organic growth and strategic acquisitions.
In August 2024, the wealth management sector saw significant leadership changes, including Ogier-Keltie as a senior listings analyst at the International Stock Exchange and appointments at NEBA Private Clients and Equiom. Notable moves included Sameer Deshpande as wealth management head at Emirates NBD in Singapore and Ashwin Jayaram at Julius Baer, alongside several key hires across Asia-Pacific firms.
Ivan Crosato, formerly a Managing Director at Credit Suisse, is set to join Vontobel as the Head of the Zurich market area in Wealth Management. His appointment introduces an additional hierarchical level, despite the bank's ongoing cost-cutting measures, which aim to save 100 million and may result in over 200 job cuts. Vontobel has not commented on the speculation surrounding these changes, with further details expected on November 7.
UBS reported a strong third-quarter profit of $1.43 billion, exceeding analysts' expectations of $740 million, despite a 4% drop in share price due to equity concerns and potential capital requirements. All business divisions contributed to higher revenues, with significant client activity and $24.7 billion in new money inflows. The integration of Credit Suisse is ahead of schedule, achieving $800 million in cost savings, with a target of $13 billion by 2026.
UBS shares fell about two percent to 27.91 francs after reaching a multi-year high of 29.57 francs, despite strong quarterly results that exceeded market expectations and positive progress in integrating Credit Suisse. The bank reported a billion-franc profit, with all sectors, except wealth management, performing better than anticipated. Analysts remain optimistic about the company's outlook, although uncertainties related to the economic climate and the upcoming US presidential election were noted.
UBS shares fell about two percent to 27.91 francs after reaching a multi-year high of 29.57 francs, despite strong quarterly results that exceeded market expectations and positive progress in integrating Credit Suisse. The bank reported a billion-franc profit, with all sectors, except wealth management, performing better than anticipated. Analysts remain optimistic about UBS's outlook, although they noted uncertainties related to the economic climate and the upcoming US presidential election.
UBS reported a profit of 1.43 billion US dollars for Q3 2024, significantly surpassing market expectations and recovering from a loss of 715 million dollars in the same quarter last year. The bank's restructuring and integration of Credit Suisse are progressing well, with operating income up 5.5 percent year-on-year. Despite a positive market environment, UBS remains cautious due to geopolitical uncertainties and a gloomy economic outlook in some regions.
UBS shares surged 2.2% to CHF 29.09, outperforming analysts' expectations for the third quarter. While the bank remains cautious about its outlook, it successfully navigated the initial phase of integrating Credit Suisse's client accounts. Analysts maintain a "buy" recommendation, with a price target of CHF 31.
Vontobel Holding AG
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wiss private banker warns against mega banks impact on competition
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global wealth management sector sees significant leadership changes in August 2024
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09:00 04.11.2024
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ubs faces capital uncertainty despite strong client business and share buyback plans
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11:23 30.10.2024
ubs shares soar as third quarter profits exceed expectations
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