Swiss bank UBS could shed almost 30,000 workers in the years ahead due to technological advances in the banking industry, Chief Executive Sergio Ermotti said in a magazine interview. Ermotti told Bloomberg Markets that “process-oriented” companies see scope to cut workforces in half through new technology but he believed the true number for banks was around half that.
Swiss private bank J. Safra Sarasin Group has agreed to buy Bank Hapoalim's private banking businesses in Luxembourg and Switzerland, with offices in Zurich and Luxembourg, the Swiss group said on Tuesday. "The agreement covers qualifying clients and their relationship management teams who are focused on private banking clients across Israel and Europe," it added in a statement. It gave no purchase price for the deal, which it said was set to wrap up in the first half of 2018 pending regulatory approval.
In the wake of Sunday night's terrible shooting at the Mandalay Bay Hotel in Las Vegas, gun makers are certain to come in for searing public criticism. They're also due for something else: a jump in stock prices. Yet gun stocks began climbing as soon as the market opened Monday, with shares of Sturm Ruger rising 4.7% in early trading. American Outdoor Brands, formally known as Smith & Wesson, was also up 4.5%.
Northern Trust, an asset manager established in Chicago in 1889, has closed its acquisition of UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland, further underpinning its growth strategy for Continental Europe. The acquisition positions Northern Trust as a leading administrator by assets in Switzerland and a top 10 asset servicing provider in Luxembourg. Northern Trust welcomes more than 200 new employees and establishes a new European office in Basel, Switzerland, as a result of the acquisition.
Hurricane Maria was somewhat less of a weather monster than the two big storms that preceded it. Harvey dumped record amounts of rain over parts of Texas, and Irma’s tropical-storm force winds covered an area wider than the Florida peninsula. Hurricane Maria could cost Puerto Rico $45 billion to $95 billion in damage, a devastating blow to the island's already ailing economy. The high end of the range, released Thursday by Moody's Analytics, represents almost an entire year's economic output for Puerto Rico. The estimate underscores "why officials are now suggesting that its economy may be set back decades," Adam Kamins, a senior economist at the firm, wrote in an analysis.
If peace of mind means strolling home past trees and flowers, a fat bank balance at your disposal, and with a secure job to head to the next day, then the best place to find it is Germany. A new study, done by Zipjet, a home delivered laundry service, has revealed the world's most and least stressful cities of 2017, based on factors including traffic levels, public transport, percentage of green spaces, financial status of citizens including debt levels, physical and mental health, and the hours of sunlight the city gets per year.
UK low cost airline and holiday company Monarch Airlines has collapsed and been placed in administration leaving 110,000 customers stranded abroad. The accountants KPMG announced in the early hours of Monday that Monarch, Britain’s longest-surviving airline, had been placed into administration and that all further flights from the UK had been cancelled and would not be rescheduled.
HSBC has been fined $175 million on Friday for 'unsafe and unsound' practices in its currency trading business by Fed, as Reuters reported. HSBC failed to monitor chat rooms where traders swapped information about investment positions, the U.S. central bank said, echoing findings by other regulators investigating the $5 trillion-a-day foreign exchange or FX market.
This summer I wrote an article about the suggestion of stalking the small cap stocks Russel 2000 Index (1). Just like a cat stalks its prey looking for the best possible moment to pounce, so a trader can stalk an entry to get the best price for entry. The reason was because on this Index it is present a not so common pattern: the “orthodox broadening formation” (2). This kind of pattern was present also on the Dow Jones Industrial Index, but it was luckily negated (3). Last week we had a potential and positive sign that also on this Index the pattern could be negated. We have several signs of strength, but we are still in the early stages of potential medium-term growth.
Ikea, the Swedish furniture retail giant, has bought TaskRabbit, a San Francisco startup that lets people hire workers to do short-term odd jobs—like setting up Ikea furniture, fixing a leaky faucet, or setting up for a party. Ikea said it tested TaskRabbit in its stores in London last year and plans to roll out the service in U.S. stores and more U.K. locations. More countries may be added later. Before the TaskRabbit deal, certain Ikea stores already provided some independent workers to assemble goods.
Two years after two historic global agreements were established, leaders and other change agents in
Im September haben die Schweizer Stimmbürger die „Altersreform 2020“ des Bundesrates abgelehnt.
The 2017 symposium, with the theme "Successfully crossing borders", will have a strong focus on the
Dieser Event ist ausschliesslich für Pensionskassenvertreter (Stiftungsräte, CEOs, Anlageverantwor
Nach Jahren des geldpolitischen Experimentierens sind die Finanzmärkte so verzerrt wie selten zuvor
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