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Stefan Bollinger has officially taken over as CEO of Julius Baer, coming from Goldman Sachs. He faces significant challenges, including addressing the bank's cost issues and unresolved legacy problems from the Benko debacle, all while expectations for improvement are high. The bank has struggled to leverage opportunities following the downfall of Credit Suisse in March 2023.
The Parliamentary Commission of Inquiry (PUK) has released a report detailing the chaotic events leading to the emergency takeover of Credit Suisse, revealing significant failures in coordination among authorities. The report starkly concludes that the value of Credit Suisse shares is effectively zero, highlighting the factors that contributed to the bank's downfall in March 2023.
Heinz Huber, after six years at the helm of Raiffeisen Switzerland, will step down at the end of the year to become Chairman of Graubündner Kantonalbank in July 2025. His tenure saw internal reforms and a profit increase, but critics argue he failed to innovate or diversify the bank's offerings. Huber's successor at Raiffeisen is yet to be determined, with CFO Christian Poerschke temporarily leading the bank amid ongoing strategic challenges.
Beatrice Bösiger, originally from Burgdorf (BE), has an academic background in German, Philosophy, and Cultural Studies from institutions in Bern, Zurich, and Vienna. She served as an editor for Wirtschaftsblatt in Austria and was a correspondent in Moscow from 2012 to 2016, focusing on business and politics in Russia, Ukraine, Belarus, and Central Asia. Since 2018, she has been an editor at Finanz und Wirtschaft, specializing in banking, insurance, private markets, cryptocurrencies, and fintech, and recently joined the NZZ business department in October 2024.
Exchange-traded funds (ETFs) have become essential in many investment portfolios, offering low fees, stable returns, and straightforward products. The Swiss stock exchange SIX has seen a 17% increase in the number of listed ETFs over the past five years, rising from 1,598 in 2020 to 1,869 today.
UBS is shifting its wealth management strategy in the U.S. to target a broader client base beyond the super-rich, aiming to enhance profitability amid high competition and costs. The bank plans to invest in technology and advisors while reorganizing into six divisions, seeking a national bank license to offer more services. However, past attempts to expand, such as the failed acquisition of Wealthfront, raise questions about the success of this new approach.
UBS is shifting its wealth management strategy in the United States to attract a broader range of clients beyond just the super-rich. This realignment aims to enhance growth potential, addressing the bank's ongoing struggles with low profitability in the market.
Switzerland is facing legal action in the USA regarding the write-off of AT1 bonds during the Credit Suisse rescue. The country is asserting its immunity as a nation state and aims to transfer the proceedings to Switzerland, as UBS continues its integration of the failed bank.
René Benko, the founder of Signa, faces an arrest warrant issued by the public prosecutor's office in Trento, Italy, amid a sweeping investigation into corruption and illegal party financing. He is among over seventy suspects linked to fraudulent real estate transactions, including unlawful building permits. A close associate of Benko and the mayor of Riva del Garda have already been placed under house arrest.
Beatrice Bosiger
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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