Singapore is tightening its anti-money laundering regulations to enhance its financial center's integrity, while Swiss banks, facing challenges from increased transparency and geopolitical shifts, are seeking growth in Asia. The competition for offshore wealth management is intensifying as both regions adapt to changing global dynamics.
Ralph Hamers, currently CEO of ING Group, will succeed Sergio Ermotti as CEO of UBS on November 1. After transforming ING into a digital banking leader over six years, Hamers will leave ING on June 30 and join UBS on September 1, following a decision not to extend Ermotti's term. This leadership change at UBS comes shortly after a similar transition at Credit Suisse.
UBS has reduced its price target for L'Oréal from 440 to 415 euros while maintaining a "Neutral" rating. Analyst Guillaume Delmas anticipates a weak third quarter for the cosmetics group, following disappointing sales figures from luxury goods giant LVMH.
UBS has maintained a "Neutral" rating on Nike with a price target of $82, noting potential positive impacts from new CEO Elliott Hill. Meanwhile, Truist Securities has upgraded Nike to "Buy," reflecting a more optimistic outlook amidst mixed analyst ratings.
James Kosan has joined UBS Wealth Management in Riverside, California, as a financial advisor specializing in comprehensive wealth management solutions for affluent families. With a background at Morgan Stanley and Merrill Lynch, he focuses on family office services, business succession, and retirement planning. Kosan holds a Bachelor of Science in Business Management and is actively involved in community youth development initiatives.
UBS has maintained a "Neutral" rating on ASML with a price target of 900 euros following the chip supplier's preliminary quarterly figures and a forecast reduction. Analyst Francois-Xavier Bouvignies noted that the new outlook could decrease the consensus estimate for operating profit (EBIT) in 2025 by 15 to 20 percent.
James Kosan has joined UBS Wealth Management in Riverside, California, focusing on comprehensive wealth management for affluent families. With a background at Morgan Stanley and Merrill Lynch, he specializes in family office services, retirement planning, and tax minimization strategies. Kosan holds a Bachelor of Science in Business Management and is a Senior Portfolio Manager, actively involved in community youth development.
UBS has maintained a "Neutral" rating on LVMH with a target price of 660 euros following disappointing third-quarter sales, particularly in the crucial fashion and leather goods division. Analyst Zuzanna Pusz expressed concerns over the group's performance in her initial reaction.
Finma has mandated UBS to enhance its stabilization and contingency plans following its acquisition of Credit Suisse, citing the need for adjustments to ensure effective reorganization and liquidation of its core businesses. The authority has suspended the annual approval process and expects UBS to refine its liquidation strategy, particularly in light of lessons learned from past crises, including rapid deposit withdrawals. UBS has acknowledged the need for these improvements and has already initiated work to expand its existing plans, emphasizing its robust business model and significant loss-absorbing capacity.
The Federal Council's report emphasizes the need for regulatory changes in Switzerland's banking sector to enhance operational flexibility during emergencies. Proposed measures include improving coordination for rescue actions, updating contingency plans, and implementing stricter liquidation requirements to ensure the stability of the financial system. UBS faces a tight deadline to revise its plans in line with rising regulatory expectations, highlighting the importance of effective crisis management and communication with supervisory authorities.
Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.
