Switzerland Financial News

UBS Group outlined major targets for its integration of former rival Credit Suisse, including 3,000 domestic job cuts and more than $10 billion in cost savings, as it posted the biggest ever quarterly profit for a bank on the back of the bargain acquisition that closed in June.

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Bill Maldonado (pictured), CEO of Eastspring Investments

'The reform should contribute significantly to protecting the financial centre from funds of criminal origin, and to strengthening Switzerland as a business location.'

Investing.com — U.S. stock futures traded in a mixed fashion Thursday, as investors await the release of key inflation and unemployment data that could convince the Federal Reserve to pause on further interest rate increases.

AUM grew to CHF 638bn from CHF 612bn at the end of December 2022.

Credit Suisse into its books. But the gargantuan gain comes with an equally large challenge to meld the banking giants. On Thursday, UBS provided a clearer picture of its future form, saying it would keep Credit Suisse’s large domestic arm in Switzerland rather than spin it off.

Portfolio Advisors, LLC is partnering with Vontobel to help the Swiss-based global investment firm offer private markets investments to selected clients.

“Our analysis clearly shows that full integration is the best outcome for UBS, our stakeholders and the Swiss economy,” said UBS group CEO Sergio Ermotti.

Swiss bank UBS announced plans to save $10 billion in costs as it moves ahead with “full integration” of longtime rival Credit Suisse’s domestic operations, releasing its first earnings report since the government-orchestrated merger to help stave off ...

UBS on Thursday posted a second-quarter profit of $28.88 billion in its first quarterly earnings since Switzerland's largest bank completed its takeover of stricken rival Credit Suisse.

HYBE, the makers of the current most popular boy band BTS, is looking for a new girl band. The company held worldwide auditions in association with the USA's Geffen Records to create a new global girl group. This is being done on a big scale for Netflix as a docuseries and also on YouTube. The two record companies recently announced the 2024 series and also a companion-piece online show that will begin on Thursday, August 30, as part of their The Debut: Dream Academy. The selection process for the girl group started in November 2021, when 120,000 applications of girl group potentials were screened. The worldwide hunt resulted in 20 candidates being selected. The females come from countries as diverse as Australia, Argentina, Brazil, Thailand, Sweden, Japan, Belarus, Switzerland, Slovakia, the Philippines, South Korea, and the USA. Now, in the docuseries, fans will be able to follow the selected contestants through the final stages of the auditions.

Also read: Highly mutated COVID variant BA.2.86 detected in 2 more countries, but 'pandemic in a different phase’, says WHO The BA.2.86 lineage, which was initially detected in Denmark last month, boasts over 35 mutations in significant portions of the virus when compared to the XBB.1.5 variant, which had been the predominant strain throughout most of 2023. The United States, Switzerland, and Israel have also reported cases of this new variant.

Crypto-friendly Swiss-based SEBA Bank has successfully obtained an approval-in-principle (AIP) from the Securities and Futures Commission (SFC) in Hong Kong, bringing it one step closer to offering crypto services in the region.

Canada has detected its first case of coronavirus infection from the highly mutated BA.2.86 variant of Omicron in a person in British Columbia who had not traveled outside the Pacific province, health officials said on Tuesday. The individual is not hospitalized, and the detection of BA.2.86 virus has not changed the risk to people in British Columbia, the province's top doctor, Bonnie Henry, and Health Minister Adrian Dix said in a joint statement. «It was not unexpected for BA.2.86 to show up in Canada and the province,» they said. "COVID-19 continues to spread globally, and the virus continues to adapt." The BA.2.86 lineage, first detected in Denmark last month, carries more than 35 mutations in key portions of the virus compared with XBB.1.5, the dominant variant through most of 2023.

The Hong Kong arm of crypto-friendly Swiss bank SEBA Bank has received in-principle approval from the Hong Kong Securities and Futures Commission (SFC) allowing it to deal in virtual assets.

ACRE), an Ares Management-backed asset reconstruction company, is set to acquire a Visa Steel loan of ₹411 crore from Union Bank of India after no other bidders participated in the Swiss Challenge process. Union Bank held an auction on August 28 after the binding offer by ACRE triggered a Swiss challenge auction. ACRE was declared the successful bidder in the absence of counteroffers at the auction. The offer of upfront cash of ₹143 crore by ACRE equates to a recovery of 35%.

UBS Group investors are bracing for plenty of superlatives and drama as the Swiss lender prepares to unveil the first quarterly results since taking over Credit Suisse in an unprecedented government-led rescue.

Both ETFs carry an ongoing charges figure of 0.45%.

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