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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 Wealth Management USA is seeking to overturn a $95 million arbitration award related to a broker's unsuitable recommendation to short Tesla stock. The firm argues that the punitive damages of nearly $70 million are excessive and violate Iowa law, suggesting they should be reduced to match the $23 million in compensatory damages awarded. The case highlights the challenges UBS faces, as courts typically defer to arbitrators' decisions.
Tesla's sales in key European markets have plummeted, with significant declines reported in France, Sweden, and Denmark, amid growing backlash against Elon Musk's political affiliations and right-wing activism. Protests and vandalism targeting Tesla dealerships have surged, reflecting consumer alienation and intensified competition from Chinese EV makers. Despite some gains in Spain and Portugal, the overall trend indicates a troubling decline for the brand, with analysts attributing the downturn to a lack of competitive pricing and an ageing vehicle lineup.
UBS Asset Management has lifted its ban on investments in certain defense companies, joining a trend among European asset managers to reconsider exclusions amid rising geopolitical tensions. The firm, which manages $1.8 trillion in assets, will now allow investments in conventional arms manufacturers, while still prohibiting controversial weapons. Other firms, including Allianz Global Investors and Danske Bank, are also easing restrictions on defense investments.
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.
UBS Asset Management has removed its exclusion on investments in certain defense companies, allowing its sustainability funds to back manufacturers of conventional weapons. This shift aligns with a broader trend among European investors, including Allianz Global Investors and Danske Bank, to reassess their investment policies amid rising geopolitical tensions and increased military spending. Exclusions remain for controversial weapons like cluster munitions and biological weapons.
UBS Asset Management has removed restrictions on investing in certain defense companies, joining other European investors like Allianz Global Investors in reassessing their exclusion policies amid rising geopolitical tensions. This shift allows funds to support the region's military spending, despite maintaining bans on controversial weapons.
Several major U.S. banks, including Wells Fargo, Bank of America, and TD Bank, are closing numerous branches across the country, with over 320 closures reported in just 13 weeks. In Pennsylvania, specific locations proposed for closure include Citizens Bank, Fulton Bank, PNC Bank, TD Bank, and Wells Fargo branches. The trend reflects a shift towards digital banking and a reevaluation of physical branch needs.
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.
Circle, the issuer of the USDC stablecoin, has engaged JPMorgan and Citigroup as lead underwriters for its upcoming IPO, anticipated by summer. The company aims for a $5 billion valuation and plans to file its prospectus by late April, following a previous attempt to go public that was halted in 2021. Stablecoins like USDC are pegged to assets such as the U.S. dollar, and Circle is the second-largest stablecoin issuer after Tether.
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european bank ceos see record salaries amid rising profits in 2024
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ubs asset management removes exclusions on defense investments amid rising tensions
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ubs removes weapons exclusion from sustainable investment criteria amid rising defense spending
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major banks across the us announce widespread branch closures in 2025
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18:02 01.04.2025
watches and wonders show opens amid concerns over luxury market slowdown
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17:58 01.04.2025
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