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ubs bern leadership shakeup leads to resignations and client losses
Jürg Kaufmann, head of UBS Bern, has resigned amid significant upheaval following the integration of Credit Suisse. His departure comes as key personnel, including the head of wealthy private clients, are also being replaced, leading to a talent exodus to competitors like Vontobel and Berner Kantonalbank. Chief executive Sabine Keller-Busse, facing pressure from Sergio Ermotti, has taken decisive action to address the turmoil.
ubs auditors issue adverse opinion on financial reporting controls after credit suisse merger
UBS's auditors issued an "adverse opinion" on the bank's internal controls over financial reporting for 2024, citing unresolved issues from its acquisition of Credit Suisse. This rare reprimand signals potential misrepresentation in UBS's financial statements, highlighting the challenges of integrating the two banks. Despite implementing a remediation program, UBS acknowledged ongoing material weaknesses related to risk assessment and internal controls.
Neue Bank establishes EAM international unit led by Branko Racic
Neue Bank has launched an EAM international unit, appointing Branko Racic, a former Vontobel employee, as its head. He will collaborate with Mathias Bürzle to enhance the bank's international business with external asset managers, focusing on Liechtenstein and Switzerland. Racic brings nine years of experience from Vontobel, where he held various roles in EAM international services.
Neue Bank appoints Branko Racić to lead international asset management expansion
Neue Bank in Vaduz has appointed Branko Racić as Head EAM International to enhance its growth strategy. With extensive experience from Vontobel and a strong background in the financial sector, Racić will focus on driving international expansion alongside Mathias Bürzle. The bank, which manages 6.8 billion francs in assets, aims to strengthen its position among independent asset managers in Switzerland and Liechtenstein.
Vaud cantonal bank reports profit decline but increases shareholder dividend
BCV reported a 5% decline in operating profit to CHF 515 million and a 6% drop in consolidated profit to CHF 441 million for 2024, following record results in 2023. Despite lower net interest income, shareholders will benefit from a proposed dividend increase to CHF 4.40 per share. The bank remains solidly capitalized with a CET1 ratio of 16.8% and assets under management rising to CHF 124.2 billion.
st gallen cantonal bank reports profit increase despite lower interest rates
St. Gallen Cantonal Bank reported a 3.8% decline in net profit to 215.1 million Swiss francs for 2024, despite lower interest rates. Revenues fell by 3.3% to 561.7 million, while assets under management rose to 64.5 billion Swiss francs, bolstered by CHF 3.1 billion in new money. Shareholders will receive an unchanged dividend of 19 Swiss francs per share.
st gallen cantonal bank reports profit increase despite lower interest rates
The Cantonal Bank of St. Gallen reported a 3.8% increase in net profit for 2024, reaching 215.1 million Swiss francs, despite a 3.3% drop in overall revenues. Shareholders will receive an unchanged dividend of 19 Swiss francs per share, with expectations for fiscal 2025 to match last year's performance. The bank attracted 3.1 billion in new money, raising assets under management to 64.5 billion, while customer loans grew by 5% to 33.8 billion.
three banks face challenges as vontobel outperforms competitors in recent results
Julius Baer, UBS, and Vontobel have shown divergent performances following their annual results, with Julius Baer shares down 8% due to high costs despite strong investment banking earnings. In contrast, Vontobel reported a 24% profit increase, driven by private client growth, while UBS faces potential capital requirement challenges. The future remains uncertain as these banks navigate their respective hurdles.
zeno staub appointed president of university of st gallen council
Zeno Staub, former CEO of Vontobel, has been selected as the President of the University Council of the University of St.Gallen, pending confirmation by the Cantonal Council. With extensive management experience and regional ties, he aims to enhance the university's practice-oriented teaching and research. Staub will also stand for election to Vontobel's Board of Directors in April 2025.
Swiss private banking identity index reveals leaders and laggards in competitiveness
The Swiss Private Banking Identity Index 2025 evaluates 59 Swiss private banks, focusing on their identity as a strategic tool for competitiveness. Only 14% are classified as "Leaders," while 59% are "Laggards," indicating a need for stronger identity formulation and communication. The top three banks—Vontobel, Pictet, and Banque Heritage—demonstrate that a strong identity correlates with higher growth rates, emphasizing the importance of understanding and expressing a bank's unique culture and values.
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