Ralph Hamers, the former CEO of UBS, will not face prosecution for aiding money laundering, as the Dutch public prosecutor's office found insufficient evidence against him. This decision follows a lengthy investigation that began in late 2020, linked to his previous role at ING, which was fined for inadequate anti-money laundering measures. Despite the prosecutor's conclusion, there remains a possibility that a court could still bring charges against him.
Dutch prosecutors have announced they will request that Ralph Hamers, the former CEO of UBS and ING, not be prosecuted over allegations related to anti-money laundering failures at ING. The court is expected to grant this request, although it retains the authority to make a different decision.
Dutch prosecutors have announced they will request that Ralph Hamers, the former CEO of UBS and ING, not be prosecuted over allegations related to anti-money laundering failures at ING. The court is expected to grant this request, although it retains the option to reject it.
Dutch prosecutors have announced they will request that Ralph Hamers, the former CEO of UBS and ING, not be prosecuted over allegations related to anti-money laundering failures at ING. The court is expected to grant this request, although it retains the authority to make a different decision.
UBS is shifting its wealth management strategy in the U.S. to target a broader client base beyond the super-rich, aiming to enhance profitability amid high competition and costs. The bank plans to invest in technology and advisors while reorganizing into six divisions, seeking a national bank license to offer more services. However, past attempts to expand, such as the failed acquisition of Wealthfront, raise questions about the success of this new approach.
Shareholder activist Pieter Lakeman is frustrated as the Dutch public prosecutor's office appears unlikely to charge Ralph Hamers, the former UBS CEO, in a money laundering case linked to ING. Despite Lakeman's efforts to prompt action, the Justice and Security Committee has rebuffed his requests for intervention. With a decision due by year-end, it seems the investigation may conclude without charges, leaving Hamers to continue his role as a senior advisor at Arta Finance.
Stefan Bollinger has been appointed as the new CEO of Julius Baer, succeeding Philipp Rickenbacher, who stepped down in February. Bollinger, previously co-head of private wealth management at Goldman Sachs, brings three decades of international experience in financial markets. His leadership aims to position Julius Baer as a leading private bank, focusing on sustainable growth and enhanced risk management.
UBS Group AG chairman Colm Kelleher announced plans to acquire a US wealth management firm after completing the integration of Credit Suisse. He emphasized the need to improve the performance of Paine Webber and expressed a desire to replicate Morgan Stanley's success with Smith Barney. Kelleher noted that UBS, while the largest global wealth manager, lags in the US market and requires time to address internal issues before pursuing further acquisitions.
UBS Chairman Colm Kelleher announced plans for a future acquisition of a US wealth management firm to enhance its presence in the market, following the integration of Credit Suisse. He emphasized the need to improve the performance of Paine Webber and avoid distractions during this transition. Despite being the largest global wealth manager, UBS faces challenges in scaling its independent broker model in the US, where it has fewer advisers compared to rivals like Morgan Stanley.
UBS Group AG Chairman Colm Kelleher announced plans to acquire a US wealth management firm after completing the integration of Credit Suisse. He emphasized the need to improve the performance of Paine Webber and expressed a desire to replicate Morgan Stanley's success with Smith Barney. Kelleher noted that UBS, while the largest global wealth manager, still lags in the US market and requires time to address internal issues before pursuing further acquisitions.
Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.
