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The EU's General Court has upheld a €172.4 million antitrust fine against UBS for its role in a bond trading cartel, while slightly reducing fines for UniCredit and Nomura. The total fines imposed by the European Commission on the three banks amounted to €371 million. Other banks involved, such as NatWest and Bank of America, were not fined for various reasons, including NatWest's initiation of the proceedings.
UBS has been ordered to pay the full EU antitrust fine of €172.4 million for its role in a bond trading cartel, as confirmed by Europe's second-highest court. The court also reduced fines for UniCredit to €65 million and Nomura to €125.6 million, while other involved banks were not fined.
Novartis is closing MorphoSys sites in Germany and the United States, impacting 330 jobs as part of a strategic evaluation of its organizational structure following the acquisition of MorphoSys earlier this year. The company plans to exit the Munich and Boston locations by the end of 2025 and is committed to supporting affected employees.
A parliamentary commission in Switzerland is set to present its investigation report on the emergency takeover of Credit Suisse by UBS on Friday. The report, anticipated by both politicians and the public, is expected to criticize the Financial Market Supervisory Authority, the Ministry of Finance, and the Swiss National Bank for their roles leading up to the crisis. This inquiry marks the fifth of its kind in modern Swiss history, following a significant event that has impacted the nation's self-image regarding financial stability.
Siemens has proposed Mark Schneider, the former CEO of Nestle and Fresenius SE, as the potential successor to Jim Hagemann Snabe as chairman of its supervisory board by 2027. Snabe, who plans to manage his succession effectively, aims for a transition within two years if re-elected in February 2025. Additionally, Siemens announced a proposed dividend increase to 5.20 euros from 4.70 euros the previous year.
Paul Arnold
People
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eu court upholds fine against ubs in bond cartel case
Euro
Bank of America Corporation
Nomura Holdings, Inc.
UniCredit S.p.A.
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12:47 26.03.2025
ubs ordered to pay full eu fine in bond cartel case
Euro
Bank of America Corporation
Nomura Holdings, Inc.
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NatWest Group plc
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Myria Mildenberger
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10:59 26.03.2025
Novartis to close MorphoSys sites affecting 330 jobs by 2025
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12:07 19.12.2024
Swiss Parliamentary Committee to Release Report on Credit Suisse Collapse
15:28 18.12.2024
siemens proposes mark schneider as supervisory board chairman by 2027
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Jim Hagemann Snabe
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16:10 11.12.2024
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