A former associate director UBS Hong Kong was today sentenced to three-and-a-half years' imprisonment at the District Court for accepting bribes of about HK$1.46 million for managing the investment portfolio of a client with the bank. Tu Bing, 40, was earlier found guilty of bribery.
The chief executive of UBS, Sergio Ermotti, says it is becoming "more and more unlikely" that the bank will move 1,000 staff from London after receiving "regulatory and political clarifications" around Brexit. The Swiss bank has previously said that around a fifth of its 5,000-strong UK staff were involved in operations dependent on passporting rights that allow financial services to operate across the bloc.
UBS thinks cryptocurrencies are in a "speculative bubble." There are over 1,000 cryptocurrencies, bitcoin being the biggest by market capitalization, and many have seen huge rises in value over the past few years. Bitcoin for example is up over 470 percent year-to-date. "We think the sharp rise in cryptocurrency valuations in recent months is a speculative bubble," UBS wrote in a white paper published last week.
The chief executive officers of Switzerland’s top firms take home almost double the median salaries of Europe’s 100 biggest companies, according to a study by consultants Willis Towers Watson. The Eurotop 100 study, presented on Thursday, studied the direct remuneration – not including pension or bonuses – of the CEOs of the 100 most highly capitalised blue-chip companies in Europe.
UBS Chairman and former Bundesbank President Axel Weber said on Wednesday bitcoin does not fulfill some of the most important functions of currency, the latest senior banker to express skepticism about the cryptocurrency. "I get often asked why I'm so skeptical about bitcoin, it probably comes from my background as a central banker," Weber said at a conference organized by the Swiss Finance Institute. Axel Weber previously served as head of the Bundesbank, Germany's central bank.
UBS France's new 4.5 billion euros wealth management division, La Maison de Gestion, is looking at hiring new staff to grow the business, the company said on Tuesday. The Swiss bank's La Maison de Gestion arm was formed from a deal struck in December last year when UBS France agreed to buy the local private banking business of Italy's Banca Leonardo. The new division was formally launched on Tuesday. With the transaction in France, UBS thus has acquired the access to the circle of super rich individuals and families.
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.
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.
Swiss prosecutors are trying to figure out why someone apparently attempted to flush tens of thousands of euros down the toilet at a Geneva branch of UBS Group AG. The first 500-euro ($597) bills were discovered several months ago in a bathroom close to a bank vault containing hundreds of safe deposit boxes, according to a report in Tribune de Geneve confirmed by the city prosecutor’s office. A few days later, more banknotes turned up in toilets at three nearby restaurants, requiring thousands of francs in plumbing repairs to unclog the pipes.
The UBS banking team has released its annual survey on factual inaccuracies in Australian mortgage applications, and the results aren't pretty. The latest detailed survey of more than 900 people who took out a home loan in 2017 has found that only 67 per cent responded that their mortgage was "completely factual and accurate", down from 72 per cent of 2016 borrowers.
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