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UBS shares initially rose but fell 3.5% to CHF 30.68 after the release of its 2024 annual results, despite exceeding expectations and announcing a higher dividend. Analysts praised the bank's performance and cost management, though concerns about new capital adequacy regulations and mixed results in wealth management weighed on investor sentiment.
Swiss banks face significant job cuts as they announce annual results for 2024. Julius Baer has already revealed 400 layoffs, while UBS is set to cut around 3,000 jobs due to the integration of Credit Suisse. Employees express exhaustion and uncertainty amid restructuring, despite UBS projecting a profit exceeding four billion dollars for the year.
This week marks a significant period for corporate financial disclosures, with key reports from major players like Julius Baer, UBS, and Valiant. Investors are particularly focused on new CEO Stefan Bolliger's strategies at Julius Baer and UBS's integration of Credit Suisse, alongside updates from various banks and companies facing market challenges. The week will culminate with Ems-Chemie's results and the IPO of BioVersys, highlighting the ongoing shifts in the financial landscape.
Swiss banks, including Julius Baer and UBS, are set to announce their annual results for 2024, with job cuts anticipated, particularly at Julius Baer due to high costs. UBS is expected to eliminate around 3,000 positions as it integrates Credit Suisse, leaving employees in a state of uncertainty and exhaustion. The financial sector faces challenges as it navigates the aftermath of the CS demise, with questions about the effectiveness of new client advisors and the potential for further layoffs.
This week marks a pivotal moment for major Swiss banks, with Julius Bär, UBS, and Vontobel set to release their annual financial statements. Julius Bär aims to recover from past turmoil under new CEO Stefan Bollinger, while UBS is on track to meet its ambitious integration goals with Credit Suisse. Vontobel faces challenges in retaining institutional clients despite strong financial results and a cost-cutting initiative.
UBS, Julius Baer, and Bank Vontobel are set to release their annual financial results this week, with heightened scrutiny on their 2024 figures. Julius Baer aims for a turnaround under new CEO Stefan Bollinger after a challenging period, while UBS is ahead in integrating Credit Suisse and expects strong results. Vontobel faces ongoing challenges with institutional client outflows despite solid financials and a cost-cutting initiative.
Swiss banks are facing increased spreads in capital markets, with cantonal banks experiencing rises of 40-50 basis points. The implementation of Basel III Final in 2025 is expected to benefit certain banks like BCV, while UBS's capital adequacy discussions could impact the broader sector. Analysts favor UBS, Partners Group, Swissquote, and SGKB for their growth potential amid changing interest rates and regulatory landscapes.
The Swiss National Bank reported an impressive profit of CHF 80 billion last year, with CHF 3 billion allocated to the federal and cantonal coffers. Meanwhile, luxury brand Hermès is selling exclusive skis for CHF 15,600, reflecting the stark contrast between the banking sector's bonuses and the struggles of ordinary citizens facing high interest rates and rising rents. As UBS CEO Sergio Ermotti could earn CHF 20 million in 2024, the disparity between wealth and everyday challenges continues to grow.
Swiss Finance & Property has expanded its Client Relationship Management team in Zurich, adding six new members, including Hans Bodmer and Daniel Kuenzi, to enhance services for institutional clients and ultra high net worth individuals. The firm aims to achieve ambitious net new money targets for 2025 through a clear segmentation by client groups and geographical focus. Patrick Sege, who joined from Vontobel, leads the initiative.
Vontobel has successfully completed the acquisition of IHAG Privatbank's client book, valued at approximately CHF 3 billion, as part of its strategy to expand in the DACH region. The integration of IHAG's clients into Vontobel's Private Clients segment is underway, with the transaction positively impacting the group's results from the outset. Founded in 1949, IHAG has faced operational and reputational challenges in recent years, leading to multiple reorganizations.
Vontobel Holding AG
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UBS shares fall despite strong annual results and high dividend announcement
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