{
}
UBS has transformed into a massive bonus machine, with CEO Sergio Ermotti set to earn CHF 14.9 million in 2024, including a substantial cash payout. His shareholdings have skyrocketed to nearly 2.5 million shares, valued at CHF 70 million, as the bank's bonus pool increased to CHF 4.7 billion. Meanwhile, Chairman Colm Kelleher's compensation rose to CHF 5.5 million, reflecting a broader trend of soaring executive pay amidst significant profits.
Sergio Ermotti has emphasized the critical nature of upcoming decisions for Switzerland's financial future, as UBS navigates increased regulatory scrutiny following its acquisition of Credit Suisse. The bank faces potential capital requirements that could cost up to CHF 25 billion, prompting intensified lobbying efforts to influence parliamentary discussions. Despite initial concerns, UBS's market value has nearly doubled since the takeover, although recent regulatory proposals have caused significant fluctuations in its share price.
UBS is intensifying its lobbying efforts amid significant political decisions affecting Switzerland's financial future, emphasizing the need for a constructive dialogue with stakeholders. CEO Sergio Ermotti warns against excessive capital requirements post-Credit Suisse takeover, arguing it could jeopardize UBS's competitiveness. The bank's market capitalization has nearly doubled since the acquisition, which UBS claims cost significantly more than the reported CHF 3 billion.
Wealthy individuals are increasingly relocating to tax-friendly areas like Oberägeri before retirement to significantly reduce their tax burdens on capital withdrawals. UBS Vice Chairman Lukas Gähwiler exemplifies this trend, moving from Langnau am Albis to save up to 70% in taxes on large pension payouts. However, to benefit, one must genuinely establish their main residence in the new canton, as superficial moves may not be recognized by tax authorities.
Lukas Gähwiler, UBS Vice-Chairman, has relocated from Langnau am Albis to Oberägeri, a tax haven in Zug, ahead of his retirement. This move allows him to significantly reduce his tax burden, as Oberägeri offers lower municipal and cantonal tax rates compared to his previous residence. As he approaches retirement, Gähwiler's decision reflects a trend among the wealthy to optimize tax benefits related to pension payouts.
AllianceBernstein plans to sue Switzerland for $225 million over the $17 billion wipeout of Credit Suisse's AT1 bonds, arguing that the Swiss government favored shareholders while leaving debt investors empty-handed. This lawsuit could impose significant financial stress on Swiss taxpayers, reminiscent of past bailouts where UBS benefited while the public bore the costs. The Ministry of Finance has engaged Wachtell law firm for defense, raising questions about the influence of UBS in the proceedings.
AllianceBernstein plans to sue Switzerland for $225 million over the $17 billion wipeout of Credit Suisse's AT1 bonds, arguing that the Swiss government unfairly prioritized shareholders over debt holders. This lawsuit, filed in New York, raises concerns about potential financial repercussions for Swiss taxpayers, reminiscent of past bailouts where UBS benefited while the public bore the costs. The outcome could significantly impact the credibility of Swiss financial authorities and their handling of the crisis.
UBS is poised to outsource thousands of back-office jobs, starting with document printing, as it partners with Chain IQ and SPS. The Uetlihof printing operations are set to cease by the end of 2025, raising concerns over data protection and potential monopolistic pricing in the specialty printing sector. The move signals a broader trend of outsourcing across various banking functions, with implications for the entire Swiss financial landscape.
The Swiss Bankers Association (SBA) has criticized the Federal Council's proposed measures, arguing they could harm the competitiveness of the financial sector. While supporting stricter capital adequacy for UBS, the SBA opposes increased capital requirements and ex ante fees for the Public Liquidity Backstop, advocating for a balanced approach to regulation. Additionally, it rejects enhanced powers for Finma, preferring to maintain the current dual system of oversight.
Lukas Gähwiler
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
ubs executives reap record bonuses amid taxpayer-backed takeover success
Swiss Franc
USA
CHE
Urs Rohner
Jamie Dimon
Colm Kelleher
Sergio Ermotti
Lukas Gähwiler
Mario Fehr
Show more
08:06 17.03.2025
ubs faces regulatory challenges after credit suisse acquisition impacts future stability
United States Dollar
Swiss Franc
Swiss National Bank
CHE
Karin Keller-Sutter
Markus Ronner
Lukas Gähwiler
Sergio Ermotti
Show more
19:31 28.02.2025
ubs lobbying for favorable regulations after credit suisse takeover
05:35 27.02.2025
wealthy individuals relocate to tax havens before retirement for savings
16:40 30.01.2025
ubs vice chairman gähwiler relocates to tax haven ahead of retirement
Swiss Franc
Credit Suisse Real Estate Fund Siat
CHE
Heinz Rudolf Kunze
Ulrich Körner
Lukas Gähwiler
Karin Keller-Sutter
Colm Kelleher
Matthew Jordan
Oswald Grübel
Show more
07:59 27.01.2025
AllianceBernstein Sues Switzerland Over Credit Suisse AT1 Bond Wipeout
United States Dollar
AllianceBernstein Holding L.P.
Credit Suisse Real Estate Fund Siat
CHE
Marlene Amstad
Lukas Gähwiler
Sergio Ermotti
Colm Kelleher
Karin Keller-Sutter
Show more
07:52 10.12.2024
alliancebernstein sues switzerland over credit suisse bond wipeout
United States Dollar
Credit Suisse Real Estate Fund Siat
AllianceBernstein Holding L.P.
CHE
USA
Sergio Ermotti
Lukas Gähwiler
Karin Keller-Sutter
Colm Kelleher
Marlene Amstad
Show more
07:52 10.12.2024
ubs plans major outsourcing of back-office jobs amid printing contract changes
Euro
Swiss Franc
United States Dollar
SPS
ZKB
AS Equity Partners
Trendcommerce AG
Chain IQ
Raiffeisen
Ringier
CS. Barthoulot-Coaching SNC
EY
Swiss Re AG
UBS
CHE
Claudio Cisullo
Sergio Ermotti
Lukas Gähwiler
Andreas Schulte
Ulrich Körner
Marcel Stalder
Show more
07:58 27.11.2024
Swiss Bankers Association opposes new regulations and defends UBS competitiveness
07:55 25.10.2024
Trending
Subcategory
Corporate News
Stock Market Updates
Industry Trends
Industry Mergers & Acquisitions
Banking Regulations
Finance Mergers & Acquisitions
Global Financial Events
Workplace Trends
Retail and Consumer Goods
CEO Changes
Market Analysis and Predictions
Global Trade Developments
Startups & Entrepreneurship
Central Bank Actions
Government Policies
Government Economic Policies
Financial Scams and Security
Domestic Politics
Corporate Social Responsibility
Supply Chain Management
Countries:
Companies:
JPMorgan Chase & Co.
Tesla, Inc.
Barclays PLC
UniCredit S.p.A.
Deutsche Bank Money Market PP
Banco BPM S.p.A.
Credit Suisse Lux Digital Healt
Bank of America Corporation
UBS Group AG
BNP Paribas SA
Apple Inc.
The Goldman Sachs Group, Inc.
Commerzbank AG
CREDIT AGRICOLE
Lloyds Banking Group plc
Wells Fargo & Company
Credit Suisse Strategic Income I
Banco Santander, S.A.
Amazon.com, Inc.
SpaceXCoin USD
Currencies:
United States Dollar
Euro
British Pound Sterling
Swiss Franc
Chinese Yuan
Indian Rupee
Japanese Yen
South Korean Won
Danish Krone
Hong Kong Dollar
Australian Dollar
Offshore Chinese Yuan
Singapore Dollar
Canadian Dollar
Mexican Peso
Norwegian Krone
Indonesian Rupiah
Russian Ruble
Chilean Peso
United Arab Emirates Dirham
People: