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Zürcher Kantonalbank (ZKB) reported a 9.5% decline in net profit for 2024, totaling CHF 1.12 billion, while still increasing profit distribution to the canton and municipalities to CHF 562 million. Operating profit fell by 13.1% to CHF 1.28 billion, with a notable drop in central interest business and trading, although commission and services income rose by 8.9%. CEO Urs Baumann anticipates a challenging macroeconomic environment in 2025, with increased competition and potential interest rate cuts impacting income.
The Liechtensteinische Landesbank (LLB) is performing strongly, with a share price of €74.50 and a market capitalization of €2.3 billion as of December 15, 2024. The bank recorded a 10.78% annual performance increase, reflecting its stable market position despite minor fluctuations in share price. As of early 2025, the share price has shown resilience, reaching €80.00, with a market capitalization of €2.4 billion, indicating continued positive momentum and strategic growth within the institution.
Researchers from the University of Berne estimate that UBS benefits from a CHF 2.6 billion implicit state subsidy due to its "too big to fail" status, allowing it to borrow at lower costs. This support, which enhances shareholder profits, raises concerns about the impact on public resources and the fairness of such subsidies. UBS CEO Sergio Ermotti disputes this claim, asserting that risks are borne by shareholders and bondholders, not taxpayers.
Zuger Kantonalbank (ZGKB) reported a slight increase in operating profit to CHF 142.1 million for 2024, driven by strong performance in investment and asset management. However, group profit fell by 2% to CHF 122.4 million, reflecting the inability to replicate the previous year's exceptional results. Looking ahead, ZGKB anticipates a solid 2025, despite geopolitical tensions, and plans to maintain a dividend of CHF 220 per share.
Swiss banks face significant job cuts as they announce annual results for 2024. Julius Baer has already revealed 400 layoffs, while UBS is set to cut around 3,000 jobs due to the integration of Credit Suisse. Employees express exhaustion and uncertainty amid restructuring, despite UBS projecting a profit exceeding four billion dollars for the year.
Swiss banks, including Julius Baer and UBS, are set to announce their annual results for 2024, with job cuts anticipated, particularly at Julius Baer due to high costs. UBS is expected to eliminate around 3,000 positions as it integrates Credit Suisse, leaving employees in a state of uncertainty and exhaustion. The financial sector faces challenges as it navigates the aftermath of the CS demise, with questions about the effectiveness of new client advisors and the potential for further layoffs.
At the "Vision Bank - Vision Financial Center Switzerland" forum, CEOs from Postfinance, UBS, and Zürcher Kantonalbank discussed the impact of geopolitics on financial markets and the future of banking models. They addressed regulatory issues, particularly regarding equity capital requirements in light of the Credit Suisse case, emphasizing the importance of a sound business model and the need for adequate capital to maintain competitiveness. UBS's Sergio Ermotti highlighted the low risk to Swiss taxpayers due to the bank's substantial loss-absorbing capital.
At the "Vision Bank - Vision Financial Center Switzerland" forum in Zurich, CEOs from Postfinance, UBS, and Zürcher Kantonalbank discussed the impact of geopolitics on financial markets and regulatory issues following the Credit Suisse case. Beat Röthlisberger highlighted Postfinance's limitations on lending and the need for legislative changes to serve SMEs. Sergio Ermotti emphasized the importance of equity quality and the risks of stricter capital requirements, while Urs Baumann noted that liquidity, not capital, was the issue for Credit Suisse, advocating for a balanced approach to banking regulations.
UBS benefits from a de facto state guarantee, estimated to subsidize the bank by CHF 2.6 billion annually, according to a University of Bern study. This implicit support reduces financing costs significantly, especially during crises, while the future of such guarantees remains a contentious issue amid ongoing legislative discussions.
Zürcher Kantonalbank (ZKB) has appointed Clément Maclou and Luca Menozzi as new portfolio managers. Maclou will lead the €71.7m Swisscanto Equity Fund Sustainable Healthy Longevity, which focuses on healthy ageing, alongside co-portfolio manager Chi-Tran Brändli. Previously, Maclou held senior roles at ODDO BHF, Decalia, and CPR Asset Management.
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