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Ex-Credit Suisse Spain chief Bunge has been appointed as Argentina's ambassador. This move marks a significant transition for Bunge, who will now represent Argentina in diplomatic matters. The appointment highlights Argentina's ongoing efforts to strengthen its international relations.
Ex-Credit Suisse Spain chief Bunge has been appointed as Argentina's ambassador. This new role marks a significant transition for Bunge, who will now represent Argentina in diplomatic matters.
UBS may need to increase its capital reserves by $25 billion due to a proposed Swiss law aimed at enhancing financial stability following its acquisition of Credit Suisse. The legislation requires UBS to improve its loss-absorption capacity, potentially impacting its competitiveness and investor sentiment. As Switzerland seeks to fortify its banking sector, these stricter capital demands could reshape the landscape for both domestic and international banks.
UBS CEO Sergio Ermotti has warned that stricter regulations in Switzerland could disadvantage the country's largest bank, making it harder to compete against foreign rivals. He expressed concerns over potential capital requirements that could exceed $40 billion, which he believes would threaten the attractiveness of Switzerland's financial sector. Ermotti emphasized the need for a level playing field in technology implementation and urged Swiss authorities to consider the implications of their regulatory decisions.
UBS Group AG 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%). By the end of 2024, the firm reported USD 745.8 billion in current deposits and USD 580 billion in current loans. UBS CEO emphasizes the need for Switzerland to provide firms with the necessary space to compete effectively.
UBS International has welcomed Hector Contreras to its Southwest International Complex office in Houston, Texas. With 20 years of financial industry experience and a degree from the Instituto Tecnologico y de Estudios Superiores de Monterrey, he will enhance the team's expertise in international markets under the leadership of Market Director David Dodd and others.
BNP Paribas has successfully completed the integration of HSBC's hedge fund administration business. As part of this agreement, the custodian services will now be incorporated into BlackRock's Aladdin platform, enhancing operational efficiency and service delivery.
LiquidityBook is enhancing overnight trading access for its buy-side clients by leveraging Blue Ocean ATS, allowing US equities trading 24/5. Supported by introducing broker Capital Institutional Services (CAPIS), this initiative enables clients to respond to market-moving news in real-time during overnight sessions from 8pm to 4am ET, Sunday to Thursday.
UBS is facing backlash from clients who incurred significant losses on complex Forex derivatives amid market volatility caused by President Trump's tariff announcements. Hundreds of clients, primarily in Switzerland, reported losses totaling hundreds of millions of Swiss francs, prompting UBS to consider compensation for affected investors. The bank acknowledged the impact of market fluctuations on certain investments while emphasizing that most clients maintain diversified portfolios.
UBS is negotiating compensation with clients after significant losses from foreign-exchange derivatives linked to tariff announcements by former US President Donald Trump. The bank faces claims from affluent retail investors who feel inadequately informed about the risks of these complex financial products, which have resulted in hundreds of millions in losses. As UBS seeks to rebuild trust and assess the situation, the incident highlights the broader implications of political decisions on global markets and the importance of transparency in financial dealings.
Global Financial Events
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Bunge appointed ambassador for Argentina after leaving Credit Suisse Spain
07:05 20.05.2025
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