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UBS is set to enhance its wealth management division by appointing Benjamin Cavalli, a former Credit Suisse executive, to lead a new unit called “Strategic Clients and Global Connectivity” starting July 1, 2025. This initiative aims to improve global connectivity and collaboration for clients, while the UHNW Solutions Group will transition to GWM Solutions, with key teams joining Cavalli's unit to strengthen ultra-high-net-worth offerings.
Wall Street firms are ramping up their presence in the Middle East, capitalizing on the region's $2 trillion investment potential. UBS plans to open a new office in Abu Dhabi, while JPMorgan Chase will increase its workforce by over 100 employees in the area. Goldman Sachs is also set to expand its operations and staff across various cities in the region.
UBS is restructuring its Global Wealth Management division, creating a new unit called "Strategic Clients and Global Connectivity," led by Benjamin Cavalli starting July 1, 2025. This move aims to enhance global connectivity for clients and improve regional collaboration, while the UHNW Solutions Group will transition to GWM Solutions, with some teams joining Cavalli's unit.
UBS Group AG is set to open a new office in Abu Dhabi, expanding its global presence. The company operates through four main business segments: wealth management (49.4% of revenues), investment banking (22.1%), retail and corporate banking (18.8%), and asset management (6.4%). By the end of 2024, UBS is projected to manage USD 745.8 billion in deposits and USD 580 billion in loans.
UBS Group AG is set to open a new office in Abu Dhabi, expanding its global presence. The company operates across four main sectors: wealth management (49.4% of revenues), investment banking (22.1%), retail and corporate banking (18.8%), and asset management (6.4%). As of the end of 2024, UBS reported USD 745.8 billion in current deposits and USD 580 billion in current loans.
UBS is restructuring its Global Wealth Management division, creating a new unit led by Benjamin Cavalli, who will enhance global connectivity for clients starting July 1. The UHNW Solutions Group will shift to GWM Solutions, while certain teams will remain under Cavalli's leadership to bolster ultra-high-net-worth services and regional collaboration.
UBS Group AG is set to open a new office in Abu Dhabi, aiming to attract wealthy clients relocating to the Middle East from high-tax regions like the UK. The region's appeal is bolstered by sovereign wealth funds diversifying economies away from oil and fostering investment connections with Asia, according to Beatriz Martin Jimenez, president of the bank's operations in Europe, the Middle East, and Africa.
UBS is set to face stricter Swiss capital reserve requirements, potentially increasing its reserves by $25 billion following the Credit Suisse crisis. The new regulations will require UBS to fully cover potential losses from foreign units, raising the coverage from 60% to 100%. This move aims to enhance financial stability in Switzerland, although the law's implementation may be delayed until 2029 due to public votes.
Global markets are experiencing a rally, with the DAX reaching a record high and the FTSE 100 at a three-month peak, despite a downgrade of US government debt by Moody’s, which had minimal impact. In the UK, Greggs has surged following a positive trading update, while Vodafone shows signs of recovery, bolstered by its attractive dividend. Lloyds has also performed strongly, up 40% this year, benefiting from its lack of US exposure and growth in financial services.
UBS is offering pensioners 90% compensation for losses incurred from risky currency products, a surprising move for the bank. Clients, including a pensioner who lost nearly half a million, were not adequately warned about the dangers of these investments, leading to significant financial distress. This offer aims to mitigate potential court cases stemming from the bank's lack of due diligence in selling these high-risk products to retail clients.
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