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UBS is facing scrutiny over compensation discussions with clients affected by significant margin calls due to recent dollar fluctuations, while discontinuing its digital wealth management service. Swisscom employees express concerns over job security amid expansion abroad, and FINMA emphasizes the need for improved risk culture following the Credit Suisse collapse. Additionally, AET is suing Germany for €100 million over the planned coal phase-out, and retail theft has surged, prompting alarm among retailers.
The Swiss National Bank (SNB) has faced accusations of currency manipulation from the U.S., particularly regarding its interventions to stabilize the Swiss franc during the financial crisis. While the SNB maintains that its actions were necessary for price stability, it acknowledges the ongoing risks of real estate bubbles and the need for banks to prepare better for liquidity crises. Additionally, the SNB has adjusted its investment portfolio to exclude companies that conflict with Switzerland's values, reflecting a cautious approach to environmental and ethical considerations.
UBS customers are falling victim to a spoofing scam where fraudsters impersonate bank employees, claiming unauthorized transactions to extract personal information and empty accounts. In other news, construction workers will demonstrate in Lausanne and Zurich for better working conditions, while the Eurovision Song Contest final will see Sweden competing for its eighth trophy. Additionally, a significant mudslide in Lötschental has raised concerns, with ongoing assessments to ensure public safety.
BlackRock has officially withdrawn from the Net Zero Asset Managers initiative, signaling a significant shift in its approach to ESG investing. Vice Chairman Philipp Hildebrand cited confusion over the firm's practices and legal inquiries as reasons for the exit, which follows similar moves by other financial giants amid increasing political pressure. Despite this retreat, BlackRock continues to manage over $1 trillion in sustainable investments, indicating a commitment to addressing climate risks on its own terms.
Philipp Hildebrand announced Blackrock's withdrawal from the Net Zero Asset Managers Initiative, a shift from its previous ESG commitments. This decision, influenced by legal pressures and accusations of fiduciary duty violations, aligns with a broader trend among financial firms. Despite this, Blackrock continues to manage over a trillion dollars in sustainable investments, indicating a commitment to addressing climate risks on its own terms.
Sergio Ermotti dominated Swiss media in 2024 with 4,755 mentions, significantly outpacing other business leaders. Despite a 29% drop from 2023, he remains the most prominent figure, while Thomas Jordan and Thomas Schlegel follow with 3,973 and 2,608 mentions, respectively. The media landscape also saw notable mentions related to the Benko scandal and political initiatives against the EU.
The Bindella family has transformed their business from a plastering company into a renowned network of restaurants and wine trading, showcasing authentic Italian cuisine and top-tier Tuscan wines in Switzerland. Since opening the flagship Ristorante Bindella in 1985, they have expanded to over 40 locations, attracting a diverse clientele, including bankers, while adapting to changing dining habits. The legacy continues with Rudi Bindella Junior managing daily operations, guided by his father’s extensive experience.
Philipp Hildebrand
People
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UBS faces client compensation issues amid digital service changes and market turbulence
07:30 19.05.2025
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the bindella family"s legacy of fine dining and wine in switzerland
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