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The documentary "Game over - the fall of Credit Suisse" has garnered significant attention, attracting around 13,000 viewers in its opening weekend, with 11,000 admissions in German-speaking Switzerland alone, placing it second in popularity. Accompanying the film, investigative journalist Arthur Rutishauser's non-fiction book has reached the top of the bestseller list, further highlighting the public's interest in the subject.
UBS is set to lay off 180 employees in Italy as part of a reorganization process, affecting 18 at UBS Fiduciaria and 162 at UBS Europe SE. Trade unions are demanding an urgent meeting with the bank, criticizing the cuts and emphasizing that solutions should not rely solely on staff reductions. Despite the layoffs, UBS maintains that Italy remains a strategic location for future growth.
The Watches & Wonders show in Geneva, featuring 60 brands including Bulgari, Rolex, and Cartier, faces uncertainty amid weak sales and stock market volatility linked to U.S. politics. While Swiss watch exports fell 2.8% in 2024, high-end segments showed resilience, with analysts predicting a mixed outlook for the industry.
Sergio Ermotti, Chairman of UBS, topped the list of highest-paid bankers in Europe for 2024, earning 14.9 million francs. Following him is Unicredit's Andrea Orcel with 13.2 million euros, and Deutsche Bank's Christian Sewing at 9.8 million. Many banks benefited from rising interest rates, leading to increased profits and remuneration.
The Swiss financial sector is undergoing significant changes following the end of Credit Suisse as an independent bank and the transformation of UBS. An annual survey, now in its 14th edition, invites banking professionals and students to share their insights on the industry's future, with results to be published in June 2025. Participants have a chance to win a wine voucher worth 200 francs.
UBS shares rose 0.7% to CHF 27.06 at midday, contributing positively to the SMI, which is at 12,712 points. The stock's 52-week high is CHF 32.88, while the low is CHF 22.53. UBS reported earnings per share of CHF 0.21 for Q4 2024, down from CHF -0.38 the previous year, with revenues of CHF 17.80 billion, a 4.9% decline year-over-year.
The Swiss Financial Market Supervisory Authority (FINMA) is reorganizing to enhance its oversight capabilities following the Credit Suisse crisis. A new division for "Integrated Risk Expertise" will focus on in-depth supervision and on-site inspections, while the "Markets" and "Asset Management" divisions will merge to improve risk management. This restructuring aims to ensure more effective protection for financial market clients and the overall functioning of financial markets.
Romanshorn is set to undergo a CHF 35 million construction project on the Hubzelg site, featuring 88 rental apartments, commercial, and office spaces. The development aims to create a vibrant urban gateway with a central town square, starting construction in 2027 and completing by 2029/30.
Raiffeisenbank Untere Emme reported an annual profit of CHF 1.22 million for 2024, highlighting its stability amid global uncertainties. Loans rose by 7.2% to CHF 776.7 million, while customer deposits increased by 1.7% to CHF 867.7 million, reflecting strong customer confidence. The bank's focus on personalized advice and effective risk management contributed to these positive results.
In 2024, UBS CEO Sergio Ermotti topped the list of Europe's highest-paid bankers with earnings of €15.6 million, followed by UniCredit's Andrea Orcel at €13.2 million, marking a 32% increase. Deutsche Bank's Christian Sewing rounded out the top three with €9.8 million. The surge in salaries is attributed to significant bank profits and rising stock prices.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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