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ubs cuts workforce in italy amid declining profits and rising costs

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.
insideparadeplatz.ch
Swiss Franc ITA CHE Sergio Ermotti Christl Novakovic Kubra Khan Show more
Business & Industry, Market Report
07:59 02.04.2025

ubs faces legal setback against singular bank over non-compete agreement

UBS faced a significant legal defeat against Singular Bank, a small Spanish competitor, after breaching a non-compete agreement related to its wealth management business in Spain. The court ruled in favor of Singular, leading UBS to consider costly compensation or a hurried sale of its Spanish operations. The Swiss financial watchdog, Finma, is now investigating the circumstances surrounding this court loss.
insideparadeplatz.ch
Euro Banco Santander, S.A. Credit Suisse Lux Digital Healt FinMan Gestion", DEU ESP Kubra Khan Christl Novakovic Show more
Regulatory & Legal, News Article
07:59 21.01.2025
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