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Markus Ronner, UBS's Group Chief Compliance and Governance Officer, is set to make a rare television appearance on Swiss Arena, facing left-wing critics including Cédric Wermuth and Franziska Ryser. Known for his calm demeanor and extensive knowledge of banking regulations, Ronner's participation marks a significant moment, as top bank executives have largely avoided public scrutiny since the financial crisis. His background in compliance and governance positions him well to address the challenges posed by critics.
Rodolfo "Rudi" Bogni, a veteran banker, reflects on his transformative years at UBS, emphasizing the bank's deep connection to Switzerland's trust and stability. He expresses concerns about Europe's demographic challenges and the need for Swiss private banking to adapt to new wealth creators, while remaining skeptical of cryptocurrencies and advocating for central bank digital currencies. Bogni believes UBS's identity is closely tied to its Swiss roots, making relocation unlikely despite political pressures.
Rodolfo "Rudi" Bogni, a veteran banker, reflects on the evolving global wealth landscape, noting that new wealth is increasingly concentrated in the US and Asia, while Europe stagnates. He expresses skepticism about cryptocurrencies, favoring central bank digital currencies for modern infrastructure, and highlights concerns over surveillance in financial systems. Despite challenges, he remains optimistic about the UK's quality of life, though demographic shifts pose significant long-term risks.
Rodolfo "Rudi" Bogni, a veteran banker, expresses skepticism towards cryptocurrencies, favoring gold and advocating for central bank digital currencies despite concerns over state surveillance. He highlights the shift of wealth creation to the USA and Asia, while Europe stagnates, and emphasizes the importance of Switzerland's cultural and geographical relevance in attracting future generations of wealthy clients. Bogni also reflects on the challenges posed by demographics and migration in the UK, noting that wealthy individuals still value the country's quality of life despite tax debates.
Switzerland is reigniting its debate over exorbitant bank salaries, particularly focusing on UBS CEO Sergio Ermotti, whose earnings exceed five million francs. A motion from the Council of States seeks to cap bank salaries at this amount, reflecting widespread political unease about the compensation of top earners in systemically important banks. This sentiment echoes past controversies surrounding high-profile bank executives and highlights ongoing skepticism about the banking sector's culture.
UBS, under CEO Sergio Ermotti, is expanding its investment banking despite warnings about its low equity and systemic risks following the Credit Suisse acquisition. Critics argue that UBS's size poses a "too big to fail" problem for Switzerland, urging for stricter capital requirements to mitigate potential crises. Ermotti, however, contends that higher equity demands could hinder competitiveness and lead to increased costs for consumers.
UBS is facing criticism for allegedly prioritizing age over skills in recent layoffs, with a 60-year-old employee claiming his experience was overlooked. The bank denies these claims, stating job cuts will be gradual and primarily through natural attrition, while offering support to older employees. Concerns about service quality arise as younger staff take on roles, potentially impacting customer satisfaction.
Sergio Ermotti, CEO of UBS, views the integration of Credit Suisse as merely the beginning of a broader expansion strategy. Despite the accolades he has received, including "European Banker of the Year," he remains aware of the pitfalls that have historically befallen his predecessors in the banking industry.
A couple faced significant delays with UBS while trying to transfer CHF 230,000 to LGT Switzerland, enduring weeks of unfulfilled requests and poor customer service. After 11 weeks of frustration, the woman terminated her account, citing non-execution of the payment order and inadequate support for long-standing clients.
Sergio Ermotti has been named "European Banker of the Year" for 2023, recognizing his leadership during the integration of Credit Suisse into UBS. He views this merger as a potential model for future consolidations in the banking sector, despite facing criticism over his substantial salary.
Marcel Ospel
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ubs executive marks rare television appearance to address bank critics
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