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The Swiss National Bank (SNB) has cautiously intervened in the foreign exchange market, purchasing around 100 million CHF in the fourth quarter and a total of 1.2 billion CHF last year to weaken the franc. Despite its willingness to act more decisively, the SNB remains wary of the risks associated with a large balance sheet and potential tariffs under the current U.S. administration. With the EUR/CHF rate rising, the SNB appears more comfortable with the franc's position than in the previous year.
Bruno Marxer, the global investment management head at UBS Global Wealth Management, will retire at the end of Q1 2026. Solita Marcelli, currently the chief investment officer for the Americas, will take over as global head of investment management on July 1, overseeing a portfolio of over $2 trillion in client assets across multiple regions. She will report to Mark Haefele and Yves-Alain Sommerhalder.
Also Holding AG shares surged over 7% after UBS Global Research initiated coverage with a "buy" rating, highlighting the company's position as the second-largest European IT distributor. The recent acquisition of Westcoast is expected to significantly boost sales and revenue growth, with projections of a 46% increase in FY25 driven by this consolidation and a favorable PC refresh cycle. UBS has set a price target of CHF 320 for the stock, anticipating continued margin improvements and cost optimization opportunities.
Marcuard Heritage has appointed Monica Dahinden, a former HR specialist at Credit Suisse, to its Board of Directors as part of its growth strategy focused on transformation and diversification. Dahinden brings over 20 years of HR experience in banking and will help the firm tap into new markets and attract younger clients. Founded in 2003, Marcuard Heritage is a leading independent asset manager managing nearly CHF 5 billion with offices in Zurich, Singapore, Abu Dhabi, and Limassol.
Major British banks, including Barclays, NatWest, Citibank, and JPMorgan, are taking a forex rigging case to the Supreme Court. In 2019, the European Commission found that these banks participated in FX spot trading cartels. A successful appeal could render the Court of Appeal's decision moot, jeopardizing the claim certification.
In the wake of the collapses of Credit Suisse and Silicon Valley Bank, the focus on capital ratios as a measure of bank stability 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 these banks highlight that even with strong capital positions, a lack of liquidity preparedness can lead to catastrophic outcomes when confidence erodes.
Last week, National Councillor Eric Nussbaumer participated in a session report organized by Lars Trachsler, President of the SP, providing attendees with direct insights from the Federal Parliament. The event also featured representatives from Credit Suisse and other SP members.
UBS has maintained a "Buy" rating for Novo Nordisk, setting a target price of 750 Danish crowns. Analyst Jo Walton highlighted current prescription trends in the U.S. for the GLP-1 active ingredient, known for its appetite-suppressing effects.
UBS shares received strong support from analysts last month, with four experts recommending a buy. The average price target is CHF 36.25, indicating a potential increase of CHF 9.38 from the current price of CHF 26.87. The six-month rating trend remains positive.
UBS shares fell by 4.3% to CHF 26.74 at midday, marking a decline from CHF 27.50 at the start of the trading day. The stock is currently 22.96% below its 52-week high of CHF 32.88 and 15.74% above its 52-week low of CHF 22.53. Despite a drop in revenue of 4.90% in the last quarter, earnings per share improved to CHF 0.21 from CHF -0.38 a year prior.
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