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Swiss companies are increasingly considering relocation due to rising protectionism and tariffs, with half of exporters exploring new markets. A significant 50% of firms focused on the U.S. view relocation as likely, while only 25% of SMEs are contemplating such moves. UBS warns that these trends could hinder Switzerland's long-term economic growth, which is already projected to slow to 1% in 2025.
UBS faces a growing crisis as clients suffer significant losses from risky currency derivatives known as RTPF, which have decimated up to 30% of their assets. Many affected clients, including self-employed individuals and managers, are demanding compensation, citing inadequate risk disclosure from UBS advisors. The situation has drawn scrutiny from FINMA, and UBS executives are under pressure to address the fallout from this scandal.
UBS reported a disappointing 4% drop in net profit for Q1 2025, totaling 1.7 billion, as expenses rose 1% while income fell 1%. The Swiss division's pre-tax profit plummeted 23%, contrasting with a 21% increase in Global Wealth Management, led by Iqbal Khan. The bank is now facing significant job cuts and anticipates high integration costs from the CS takeover, estimated at $14 billion by the end of 2026.
UBS faces significant backlash from wealthy clients after heavy losses in dollar-denominated products linked to currency derivatives, exacerbated by U.S. tariffs. Many clients, feeling misled, have contacted FINMA, and lawsuits are anticipated as the bank's private banking head, August Hatecke, comes under scrutiny for aggressive sales tactics. The fallout has led to job losses within the team responsible for these products, raising questions about their suitability for a broad clientele.
Jürg Kaufmann has been removed as head of the UBS Berne region, along with his key employee overseeing wealthy clients, amid ongoing management upheaval. Chief executive Sabine Keller-Busse, facing pressure from Sergio Ermotti, aims to regain control after a series of high-profile departures to competitors. The new leadership faces challenges due to a lack of experience, complicating efforts to stabilize the region.
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.
Rob Karofsky is the leading internal candidate to succeed Sergio Ermotti as UBS CEO, thanks to his extensive investment banking experience and leadership in Global Wealth Management. Known as "Killer Karofsky" for his trading skills, he is respected for his fair management style. While internal solutions are favored, UBS is also considering external candidates for the role.
Rob Karowsky is the leading internal candidate to succeed Sergio Ermotti as UBS CEO, thanks to his extensive investment banking experience and leadership in Global Wealth Management. Known as "Killer Karowsky" for his trading skills, he is respected for his fair management style. While internal options are favored, UBS is also considering external candidates for the role.
A recent incident at the prestigious White Turf event in St. Moritz, where a horse crashed into a barrier, has raised safety concerns. UBS, which inherited the sponsorship from Credit Suisse, faces pressure regarding its involvement, especially after a serious accident in 2017. The Canton of Zurich Animal Welfare Association has called for the event to be abolished due to the high risks involved for both horses and riders.
Brack will become the name sponsor of the Swiss Super League starting in the 2025/26 season, committing for at least five years to enhance fan engagement and support youth talent. UBS will continue as an Impact Partner, focusing on youth projects, while Dieci extends its title sponsorship of the Challenge League for three more years, emphasizing the connection between pizza and football. These partnerships aim to strengthen the future of Swiss football both nationally and internationally.
Sabine Keller-Busse
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Swiss companies consider relocation amid rising tariffs and protectionism concerns
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