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UBS is reportedly removing multimats from its branches, pushing clients towards e-banking to cut costs. This decision has led to unexpected account terminations for some long-standing customers, raising concerns about the bank's treatment of its clientele. One Zurich sole trader, who had a stable account for years, received a 30-day notice without explanation, highlighting the growing disconnect between UBS and its customers.
The wealth of the world's billionaires has more than doubled over the past decade, rising from $6.3 trillion to $14 trillion, with technology entrepreneurs leading the surge. In 2024, U.S. billionaires saw a 28% increase in assets, while those in China and Hong Kong experienced a 17% decline. A significant shift in billionaire demographics is noted, with self-made individuals dominating new entries, and a projected $6.3 trillion expected to be passed on to heirs and charities in the coming years.
Analysts at UBS predict a decline in the benchmark mortgage rate to 1.50% in March, following anticipated cuts by the Swiss National Bank (SNB). This reduction, expected to be announced by the Federal Office of Housing, will benefit renters, as landlords must lower rents accordingly. Alternative scenarios, including no cuts or negative rates, are deemed unlikely.
Analysts at UBS predict a decline in the benchmark mortgage rate to 1.50 percent in March, following expected cuts by the Swiss National Bank (SNB). This reduction will benefit renters, as landlords must lower rents by 2.9 percent if the rate decreases. Alternative scenarios, including no cuts or negative rates, are deemed unlikely.
UBS has announced changes to its advisor compensation structure, eliminating the combined team payout grid introduced in 2017, aligning more closely with industry standards. This adjustment aims to reward advisors for growth and longevity while supporting the firm's strategic goals in the U.S. market, as CEO Sergio Ermotti seeks to expand UBS's presence, potentially through acquisitions in wealth management.
The latest rich list reveals the Safra family maintaining a stable fourth place in Switzerland with assets of CHF 22.5 billion, while the Hinduja family's wealth rose to CHF 10.5 billion amid legal troubles. Martin Ebner's assets increased to CHF 3.8 billion, bolstered by his stake in Temenos, despite a share price decline. The UBP founding family is valued at CHF 2.3 billion, with notable bank managers like Sergio Ermotti and Colm Kelleher estimated around CHF 175 million.
The latest rich list reveals the Safra family maintaining their position with assets of 22.5 billion francs, while the Hinduja family saw a rise to 10.5 billion francs amid legal troubles. Martin Ebner's wealth increased to 3.8 billion francs despite losses from Temenos, and the de Piciotto family is valued at 2.3 billion francs. Bank managers like Sergio Ermotti and Boris Collardi are estimated at around 175 million francs, with Ermotti benefiting from a substantial salary and share value at UBS.
UBS has faced criticism for its lack of transparency regarding its historical ties to slavery, despite evidence linking its predecessor institutions to the slave trade. Swiss historian Hans Fässler has urged UBS to acknowledge its colonial past, but the bank has dismissed these claims, citing a lack of evidence. Many company archives remain closed, hindering further research into the extent of Swiss financial institutions' involvement in slavery.
Francesco Guerrera, previously Global Economics Editor at Breakingviews, will become the new Head of Communications at UBS, taking over from Marsha Askins, who is retiring. Guerrera will oversee internal and external communications, while John McDonald will handle marketing and branding. Guerrera's transition from journalism to corporate communications marks a significant shift in his career as he prepares to relocate to Zurich for his new role in February 2025.
Francesco Guerrera, previously Global Economics Editor at Breakingviews, will become the new Head of Communications at UBS, succeeding Marsha Askins, who is retiring. Guerrera will oversee internal and external communications, while John McDonald will take on marketing responsibilities. Guerrera's transition from journalism to corporate communications marks a significant shift in his career as he prepares to relocate to Zurich in February 2025.
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