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UBS has reduced its price target for Symrise from 128 to 121 euros while maintaining a "Buy" rating. Analyst Charles Eden anticipates lower organic sales growth in the upcoming quarterly figures but believes the company's annual targets remain achievable despite the industry's lower valuation.
UBS has received approval from Chinese authorities to fully acquire UBS Securities in Beijing, increasing its stake to 100%. This significant move follows the merger with Credit Suisse and is expected to enhance UBS's investment banking and wealth management operations in China, according to Iqbal Khan, Chairman Asia Pacific and Co-President Global Wealth Management at UBS.
Five client advisors from UBS's Chiasso branch, including three senior managers, have resigned amid a toxic work environment following the bank's takeover of Credit Suisse. The management, led by Marc Genova and Matteo Franceschini, is reportedly implementing significant layoffs, targeting a reduction to 85,000 employees within two years. Despite the departures, many employees are choosing to stay, particularly in back office roles, as UBS navigates new home office regulations and aims for further cost savings.
In the wake of the collapses of Credit Suisse and Silicon Valley Bank, the focus on capital ratios as a measure of bank resilience is being challenged. While UBS faces calls for higher capital requirements, the real lesson is that liquidity, not capital, is crucial for survival in modern banking, especially amid rapid digital transactions and shifting market sentiments. The failures of both banks highlight that a strong capital position does not guarantee stability when trust erodes and liquidity dries up.
Regula Berger has been appointed as the new Chairwoman of the Board of Directors of Bank Cler, making her one of the few women leading a Swiss bank. She aims to enhance the bank's unique blend of traditional and digital banking services as part of its growth strategy. The Board now has a 57% female representation, significantly above the Swiss average.
UBS has firmly stated it has no plans to relocate its headquarters from Switzerland, despite speculation fueled by potential regulatory changes. Compliance chief Markus Ronner emphasized the bank's commitment to the country, highlighting its focus on wealth management for affluent clients. As the government prepares stricter regulations following the Credit Suisse takeover, UBS is determined to maintain its competitive edge and resist demands for increased capital.
A couple from Meilen ZH fled to Qatar, leaving behind nearly 700,000 francs in tax debts. Their Lake Zurich apartment was foreclosed and sold in under 30 seconds for 2.36 million francs, with the Luzerner Kantonalbank being the sole bidder, while other creditors may face significant losses.
UBS has reaffirmed its commitment to Switzerland, emphasizing its focus on asset management for wealthy clients. In light of the emergency takeover of Credit Suisse, the Swiss government is preparing stricter regulations that may require UBS to raise up to $25 billion in capital, a move the bank opposes to maintain competitiveness and shareholder returns.
ABB's Peter Voser warns that new US car import tariffs could impact sales and supply chains, urging Europe to strengthen ties with Asia. UBS faces tensions with the Finance Minister over capital requirements, while Stadler Rail invests $70 million to expand its US operations. Migros reports a historic decline in cooperative membership, and Swiss Airlines aims for improved punctuality this summer amid record profits. Concerns about civilian protection in Switzerland highlight significant preparedness gaps in case of an attack.
UBS Group AG has appointed Tim Clemenger as its first client adviser for wealth management in Perth, aiming to attract wealthy Australians. The city is estimated to have over 20 billionaires and around 100 individuals worth more than $100 million, prompting plans to expand the advisory team for high-net-worth clients.
CHE
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ubs lowers symrise price target but maintains buy rating
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liquidity not capital is key to banking stability in digital age
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