HSBC and UBS have each agreed to pay $14 million to settle private U.S. litigation accusing them of rigging an interest rate benchmark used in the $483 trillion derivatives market, Reuters reported. Switzerland’s largest lender was one of 10 banks accused of having rigged the Isdafix index, which is used to price swap transactions, commercial real estate mortgages and structured debt securities.
The millennial generation could be worth as much as $24 trillion in three years' time, according to UBS, not bad when it's roughly 1.5 times the size of the U.S. economy in 2015. But the research shows a surprise: in the Middle East millennials are more hard-working and entrepreneurial compared to their global peers.
Robots are moving on to the trading floors of investment banks. Many of the world’s biggest banks have for years been automating manual, repetitive tasks done by support staff to save money. But now they are putting the latest forms of artificial intelligence to work at the heart of operations among their star traders, allocating funds and analysing data to develop strategies. According to a report by the Financial Times, UBS is about to take robots to trading floors. The company has shown how two AI solutions can assist traders in enhancing their performance.
Swiss bank UBS is weighing up whether to move banking jobs in London to Frankfurt, Madrid or Amsterdam to cope with Britain's planned departure from the European Union, Chief Executive Sergio Ermotti said in an interview with CNBC. With around 5,000 employees based in London, Switzerland’s largest lender has been preparing contingency plans even before British citizens, in a referendum, voted to leave the EU in June 2016. "I think Frankfurt is a location of choice. There are different, other locations that could come into consideration," Ermotti said in the interview broadcast on Monday, according to a transcript.
UBS Group is overhauling its wealth management businesses in Europe and emerging markets by reducing its booking hubs to three from around 10 and has announced a senior management restructure. According to a Bloomberg report, the bank aims to reduce the number of offshore booking centers from about ten to 3 – Switzerland, Germany and the UK – through consolidating cross-border operations with domestic businesses.
The Swiss banking group UBS has agreed to sell its domestic wealth management activities in the Netherlands to Van Lanschot Kempen, an arm of a Euronext Amsterdam-listed banking group that dates back to the 1700s. Van Lanschot Kempen will pay an initial acquisition price of €28m, a joint statement reported, although the final price “may be higher or lower depending on the [asset management amount] that will actually transfer to Van Lanschot Kempen” once the deal completes.
UBS is looking to debut a premium card later in May in a boost to its U.S. business and in a move to gain favor with wealthier Americans, as reported by Bloomberg News. The new card will be called the UBS Infinite card and bows next week on May 27. It has a $495 fee, which in turn, along with expenditures of $50,000, brings in a $500 annual airport lounge credit. The card provides an array of premium rewards, travel benefits and credits, including exclusive savings when users fly, stay, cruise or drive, and a rich earnings structure with rewards points that never expire while the card is open.
The vast majority of millionaires across seven international markets think the current period is the "most unpredictable" ever, according to a new study by Swiss bank UBS on Wednesday. A total of 2,842 high net worth individuals, at least 30 per cent were women, were interviewed in the U.K., Italy, Switzerland, Japan, Hong Kong, Singapore and Mexico with each millionaire having at least $1 million in investable assets (excluding property). Mexican millionaires topped the list with 90 percent agreeing that we're currently living through the most unpredictable period in history. The biggest domestic issue raised in Mexico was that of corruption.
Singapore sovereign wealth fund GIC is selling part of its stake in Swiss bank UBS at a loss, nearly a decade after it first invested in the bank at the height of the financial crisis. "Conditions have changed fundamentally since GIC invested in UBS in February 2008, as have UBS' strategy and business," GIC Chief Executive Officer Lim Chow Kiat said early Tuesday (May 16) in a statement. "It makes sense now for GIC to reduce its ownership of UBS and to redeploy these resources elsewhere," Mr Lim said.
UBS CEO Sergio Ermotti considers the global banking sector has generated a degree of complexity such that it can only be managed by artificial intelligence (IA). In an interview on TeleTicino on Sunday, he underlined "we arrive at a human physical limit to manage all this complexity." The phenomenon of digitization of the banking sector, which is imperative to maintain international competitiveness, should be viewed positively, Ermotti said, because it enables customers to provide more precise and faster services while banks can optimize the costs. For Ermotti "These changes are also reflected in the elimination of certain activities,". However, he recalled that in Switzerland, one million people will retire in the next ten years, while at the same time job market will require only half million.
Monaco Growth Announces Investor Conference in Monaco for July 24th – 26th
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2 evenings to find out about the latest from the digital industry & 2 days to find ideas and to crea
ICDA will return this year to its alpine home for the 38th Bürgenstock Meeting.
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