UBS, the world’s biggest wealth manager, will impose a penalty charge on customers who park euros with the bank, a reaction to the negative interest rate environment in the euro zone. The Swiss bank, the world’s largest wealth manager, will introduce from May an annual fee of 0.6% on accounts with more than €1 million ($1.1 mln). The charge will apply to total amounts held by individual customers and be calculated on a daily basis. It comes in response to the ultra-low or negative European Central Bank rates, in the wake of the financial crisis, which have eaten into banks’ margins. UBS currently imposes an individual deposit charge for large account balances held in Swiss francs by corporate, institutional and certain very wealthy clients, as it deals with negative interest rates charged by the Swiss National Bank.
UBS will go on trial in France for establishing a wide-ranging tax fraud scheme, legal sources said today. The swiss bank will be charged with illegal banking practices and dissimulating tax fraud, the sources said, adding UBS's French subsidiary will also go on trial for complicity. “UBS has made clear that the bank disagrees with the allegations, assumptions and legal interpretations being made,” the bank said in a statement. “We will continue to strongly defend ourselves and look forward to a fair proceeding.”
UBS has repeatedly warned it will move staff to the Continent in the wake of the EU referendum. Chairman Axel Weber claimed 1,500 jobs would shift from London to preserve its business on mainland Europe and that the two-year negotiation process for Brexit “simply would not work” for its relocation strategy. “We cannot postpone decisions on how we run our European operations,” Weber said at a conference in Frankfurt on Wednesday. “As soon as we know definitely that Brexit will happen, you will see decision-making processes kick off in all financial institutions.”
UBS published its Annual Report 2016 providing detailed information, showing that it lowered the total pay for its chief executive Sergio Ermotti in 2016, a year in which the bank's net profit was cut nearly in half compared with a year earlier. Zurich-based UBS said on Friday that total compensation for CEO fell to 13.7 million Swiss francs ($13.5 million) in 2016 from 14.3 million francs a year earlier. Mr. Ermotti's base salary remained unchanged at 2.5 million francs, according to a public filing, and he received a smaller bonus compared with 2015. Overall, UBS decreased its 2016 bonus pool by 17% compared with the year before, to 2.9 billion francs.
JPMorgan, Microsoft, Intel, Accenture PLC and a large consortium of major players in tech and banking, including Credit Suisse, UBS, Bank of New York Mellon and Thomson Reuters, have joined hands to establish the Enterprise Ethereum Alliance (EEA), a new group dedicated to developing Ethereum into an enterprise-grade Blockchain platform. The alliance connects Fortune 500 enterprises, startups, academics and technology suppliers with Ethereum subject matter experts to learn from and build upon Ethereum and to define standards for enterprise-grade implementations.
Swiss private consumption is set to grow robustly over the coming months as households' economic and financial expectations have improved considerably, results of a survey by the UBS bank showed Wednesday. The UBS consumption indicator rose from 1.38 to 1.43 points in January and continues to signal solid growth in private consumption. Swiss consumers view the economic and financial situation with considerably more optimism than in the last quarter. New car registrations and domestic tourism have, however, fallen compared with the previous January. Economists had forecast a score of 1.5.
UBS said Northern Trust is buying fund services units of UBS in Luxembourg and Switzerland, on Monday. The company did not announce the financial terms of the deal. The transaction is expected to close in the second half of 2017, subject to applicable regulatory and fund board approvals and other customary closing conditions.
The new head of UBS Switzerland, Martin Blessing, told Swiss newspaper SonntagsZeitung that he expects interest rates across Europe to remain low for the next 12-18 months. Consequently, Blessing cast doubt on rival Credit Suisse's 2018 target of 2.3 billion Swiss francs ($2.32 billion) at its Swiss business, saying that "to reach such a goal, the market environment would have to change dramatically." And, over job places, he added that huge cuts jobs aren't scheduled; however, Blessing said that probably in the next few years there will be a slight drop in the number of employees.
Swiss bank UBS reported net income of 738 million Swiss francs (US$736 million) in the fourth quarter, compared with 949 million a year earlier, due in part to tax effects, but says rising investor confidence in the United States could boost its wealth management business. "Despite a very challenging market environment in 2016, we achieved solid results, thanks to our balanced business and geographic mix, as well as our strong focus on executing our strategy," said CEO Sergio Ermotti. UBS also recorded more than 1 billion francs in negative income due to cash-flow hedges, citing a drop in unrealized gains from hedging derivatives as long-term interest rates increased.
Hong Kong's stock market regulator has filed a lawsuit against major banks Standard Chartered and UBS along with consultancy firm KPMG over a 2009 initial public offering on the city's bourse. On Monday, the Securities and Futures Commission sued UBS, Standard Chartered and others over their role in the 2009 IPO of China Forestry, now under liquidation. The case, involving two global finance brands, serves both as an easy win for prosecutors and a way to send a message to listing sponsors – including Chinese banks that now dominate the city’s IPO market.
Zielgruppe: Rechtsanwälte, Treuhänder, Richter, Staatsanwälte, Mitarbeiter von Banken, Versicheru
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