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UBS is cutting 180 jobs in Italy, nearly a third of its workforce there, as part of a cost-reduction strategy aimed at improving its poor cost-income ratio, which has risen to over 86%. The bank's share price continues to decline, attributed to a need for an additional 25 billion in capital, raising concerns about further layoffs across Europe, potentially affecting 20,000 employees. Meanwhile, Zurich's status as a financial hub has diminished, dropping to 21st in the Global Financial Centers ranking.
Banque Cantonale de Genève plans to split its shares on a one-for-ten basis, aiming to attract small investors. This move will reduce the nominal value of shares from CHF 50 to CHF 5, increasing the total number of shares to 72 million while maintaining a share capital of CHF 360 million. The proposal will be presented for approval at the end of April.
Banque Cantonale de Genève plans to propose a one-for-ten stock split at the end of April, reducing the par value of shares from CHF 50 to CHF 5. This move aims to enhance market accessibility for investors and improve the negotiability of its registered shares, increasing the total from 7.2 million to 72 million. As of Tuesday, BCGE shares closed at CHF 257 on the Zurich stock exchange.
Banque Cantonale de Genève plans to propose a one-for-ten stock split at the end of April, reducing the nominal value of its shares from 50 to 5 Swiss francs. This move aims to enhance market accessibility for small investors and improve the negotiability of its registered shares. Following the split, the number of shares will increase to 72 million, while the bank's share capital remains unchanged at 360 million Swiss francs.
The Geneva Cantonal Bank (BCGE) is set to implement a 1:10 share split, increasing its shares from 7.2 million to 72 million. Each shareholder will receive 10 shares with a nominal value of CHF 5 for every CHF 50 share, aimed at enhancing accessibility for small investors and boosting demand and liquidity. The Annual General Meeting is scheduled for April 29.
Generative AI is set to revolutionize the lending process in Switzerland, enhancing customer relationships, credit risk assessments, and operational efficiency. As international competitors leverage AI for faster, smarter services, Swiss banks must accelerate their adoption of these technologies to maintain their competitive edge and support the country's high home ownership rates. Embracing AI can lead to significant efficiency gains, improved credit decisions, and reduced operational costs, making it essential for Swiss institutions to act decisively in this evolving landscape.
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.
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ubs cuts workforce in italy amid declining profits and rising costs
07:59 02.04.2025
BC de Genève plans one-for-ten share split to attract small investors
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banque cantonale de geneve proposes one-for-ten stock split to attract investors
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banque cantonale de geneve proposes one-for-ten stock split to attract investors
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