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Tesla faces a challenging quarter with first-quarter delivery estimates dropping from 470,000 to 380,000 vehicles, raising concerns among investors. A suspected arson attack at a Rome dealership and rising backlash against Elon Musk's political stances add to the company's troubles, alongside a significant decline in European sales. With Wall Street projecting 1.9 million deliveries for 2025, stability and a solid delivery number are crucial for restoring investor confidence.
UBS has announced plans to cut approximately 180 jobs in Italy, representing about a third of its workforce in the country. The reductions will primarily affect the Italian branch of UBS Europe SE, with 162 positions eliminated, while UBS Fiduciaria will see 18 job cuts. The layoffs will focus on centralized functions and global wealth management, excluding corporate advisory and front office roles, as well as investment banking.
UBS has announced plans to cut 180 jobs in Italy, representing about a third of its workforce in the country. The majority of the reductions will impact the Italian arm of UBS Europe SE, with 162 positions affected, while 18 jobs will be eliminated at UBS Fiduciaria. Centralization of functions is driving these cuts, although investment banking and corporate advisory roles will remain unaffected.
Deutsche Bank has been appointed as the successor depositary bank for the American Depositary Receipt Program of Infineon Technologies AG, a global leader in semiconductors. Infineon, which employs around 58,060 people and generated approximately €15 billion in revenue for the 2024 fiscal year, focuses on decarbonization and digitalization. The Depositary Receipts are registered under the US Securities Act of 1933, and the services provided are not available to retail clients as defined by the UK Financial Conduct Authority.
Deutsche Bank has been appointed as the successor depositary bank for Infineon Technologies AG's American Depositary Receipt (ADR) Program, effective April 1, 2025. Infineon, a leader in semiconductors with a focus on decarbonization and digitalization, reported approximately €15 billion in revenue for fiscal year 2024 and employs around 58,060 people globally. The ADR program features a 1:1 conversion ratio between American Depositary Shares and ordinary shares, trading on the OTC market under the symbol IFNNY.
Matt Connolly, former head of Deutsche Bank's New York derivatives desk, faced a tumultuous career marked by a fraud conviction in 2018, which he later appealed and was exonerated from, leading to a $150 million settlement with the bank. Connolly, who began his Wall Street journey as a clerk without an Ivy League education, criticizes the elitism in finance, asserting that market success often defies academic credentials. He believes that trading against those who rely on their diplomas can be profitable, highlighting the meritocratic nature of the markets.
In 2024, Sergio Ermotti, CEO of UBS, topped the list of Europe's highest-paid bankers with a salary of 15.6 million euros, followed by Andrea Orcel of Unicredit at 13.2 million euros, marking a 32% increase. The average salary for CEOs of the top 10 European banks was 7 million euros, driven by exceptional profits from rising interest rates. Despite the substantial compensation, criticism arose regarding the high pay of bank executives, prompting Unicredit to defend Orcel's salary increase as essential for long-term commitment in a competitive market.
UBS Asset Management has removed its exclusion on investments in conventional weapons manufacturers, joining other European money managers like Allianz Global Investors in reassessing their policies amid rising geopolitical tensions. This shift comes as defense stocks surge due to increased military spending commitments from European nations. Exclusions remain for controversial weapons such as cluster munitions and biological weapons.
Deutsche Bank has proposed a dividend of €0.68 per share for fiscal year 2024, pending shareholder approval at the AGM on May 22, 2025. The record dates for dividend eligibility are May 26 for Germany and May 23 for the U.S., with payments expected on May 27. The bank also plans to cut its branch network and reduce 2,000 jobs in retail banking by 2025 as part of a cost-cutting initiative.
Commerzbank shares surged by 7.3% to €22.49, leading the Dax, while Deutsche Bank rose by 2.3% to €22.31. Despite a recent decline of 11% over four trading days, Commerzbank has seen a 43% annual gain, supported by the 50-day trend line at around €20.80.
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Tesla faces delivery challenges and backlash amid declining sales and vandalism
19:07 01.04.2025
ubs plans to cut 180 jobs in italy affecting one third of workforce
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ubs plans to cut one third of jobs in italy
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Deutsche Bank named successor depositary bank for Infineon Technologies ADR program
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deutsche bank appointed as depositary bank for infineon adr program
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trader's journey from scandal to success challenges ivy league assumptions
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