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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.
Iqbal Khan's absence from the World Economic Forum in Davos has sparked discussions on Bahnhofstrasse, especially as his co-head Rob Karofsky attends. While Khan oversees GWM's European and Asian markets, he recently represented UBS at a major conference in Shanghai. Sources suggest that attendance at the WEF has varied among executive board members in the past, indicating that his absence may not be significant.
Iqbal Khan, Co-Head of GWM and Head of Business Asia-Pacific at UBS, emphasized growth and diversification as key priorities during the bank's "Greater China Conference" in Shanghai. He noted that the integration of Credit Suisse has strengthened UBS's position in Asia, equating to years of organic growth in Wealth Management. Khan highlighted the importance of navigating uncertainties while capitalizing on emerging opportunities, particularly in light of supportive government measures in China and the evolving geopolitical landscape.
Iqbal Khan, Asia Pacific President and Co-Head of Global Wealth Management at UBS, highlights that Asia and the US will be the main growth engines for 2025. He emphasizes the importance of investment diversification in a geopolitically charged world and notes that China's ongoing commitment to macro and fiscal stability will be crucial, alongside any trade policies from President-elect Trump. Khan spoke during the 25th UBS Greater China Conference in Shanghai.
Iqbal Khan, UBS Group AG’s global co-head of wealth management, emphasized the importance of diversification for clients in light of increasing political tensions and global strains. Speaking at the bank’s Greater China conference in Shanghai, he noted that a more geopolitically charged world necessitates a diversified investment approach.
UBS anticipates that the Federal Reserve will implement rate cuts, albeit at a slower pace. Iqbal Khan, head of UBS in Asia, highlighted that the US and Asia are key growth engines, with China expected to adopt a more proactive fiscal approach.
Iqbal Khan, former head of Credit Suisse's International Wealth Management, left the bank just before its significant issues arose, including the collapse of the Greensill funds, which led to a $10 billion freeze in client assets. Despite his senior role, Khan was not implicated in any wrongdoing by Finma, as investigations revealed systemic failures in the bank's management of the funds, with many former executives facing scrutiny. The Greensill debacle, alongside the Archegos bankruptcy, marked a critical decline for Credit Suisse, impacting its reputation and leadership.
Sergio Ermotti dominated Swiss media in 2024 with 4,755 mentions, significantly outpacing other business leaders. Despite a 29% drop from 2023, he remains the most prominent figure, while Thomas Jordan and Thomas Schlegel follow with 3,973 and 2,608 mentions, respectively. The media landscape also saw notable mentions related to the Benko scandal and political initiatives against the EU.
Credit Suisse faced severe criticism following an expert report detailing governance failures in the launch of its Greensill supply chain funds. The report highlighted inadequate risk management, conflicts of interest, and a lack of oversight from the Board of Directors, leading to significant breaches of conduct obligations. FINMA has mandated a restructuring of the Board to ensure members possess relevant expertise and experience.
A retired UBS executive, P. A., has had his account terminated without explanation, despite an unwritten rule against such actions for retired employees. UBS cites its right to terminate accounts under its General Terms and Conditions, as it reviews client relationships to cut costs. This trend reflects a broader strategy to eliminate unprofitable clients following the Credit Suisse acquisition.
Kubra Khan
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ubs faces legal setback against singular bank over non-compete agreement
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