The newly formed government of Argentina, led by libertarian Javier Milei, has introduced a bill to ease the path to legalizing cryptocurrency holdings, even for those who have not declared their taxes. The bill, known as the Law of Bases and Starting Points for the Freedom of Argentines, encompasses various reforms in tax, labor, criminal, […]
The US banking giant J.P. Morgan has solidified its leadership position, with its US banking subsidiary generating nearly one-fifth of the industry’s profits in the first nine months of the year. According to the Financial Times, the bank earned $38.9 billion in profit during this period, accounting for approximately 18% of the total industry profits. […]
Western banks have been cutting tens of thousands of jobs this year, with Swiss bank UBS leading the way. According to calculations by the British newspaper “Financial Times,” European and American banks have eliminated more than 60,000 positions in 2023. This is a significant number, comparable to the aftermath of the 2008 financial crisis, and […]
The UBS, a Swiss bank, is set to make significant job cuts and early retirements starting from January. This development has raised concerns in the financial sector as the year comes to an end. According to a recent report by the Financial Times (FT), global banks have already eliminated over 60,000 jobs in recent months.Interestingly, […]
Sergio Ermotti, the former CEO of UBS, has returned to the Swiss banking giant to oversee its acquisition of struggling rival Credit Suisse. The merger, aimed at preventing a global banking crisis, is a high-stakes undertaking with potential risks such as IT system migrations and cultural differences. However, banking analysts and investors are optimistic about […]
2024 is set to be a crucial year for the takeover of Credit Suisse by UBS, as the two banks merge operations across more than 50 countries. UBS CEO Sergio Ermotti highlighted the migration of IT systems as the biggest risk to the merger. To mitigate this risk, UBS plans to move the majority of […]
UBS, the Swiss investment bank, has seen a significant turnaround in its M&A division. After a challenging period last year, where revenues were down 58%, the bank has managed to rescue Credit Suisse’s M&A bankers and achieve a 40% increase in M&A revenues in the third quarter of this year. However, this success comes amidst […]
UBS, the Swiss bank, is facing the challenge of integrating Credit Suisse after its $3.25bn acquisition. While UBS has spent $500m on retention bonuses to keep key employees from Credit Suisse, it has also laid off around 13,000 employees. Additionally, many employees have left for rival firms, often with the approval of their former employer. […]
The leadership of UBS is facing increasing scrutiny and pressure following the forced takeover of Credit Suisse. This has led to a divisive mentality of “us versus them,” as noted by Samuel Gerber. Sergio Ermotti, the CEO of UBS, has been repeatedly questioned about the success of the takeover and the fate of Credit Suisse […]
The Swiss private bank Julius Bär is under investigation by the Swiss Financial Market Supervisory Authority (FINMA) for inadequate risk control structures that contributed to the bank’s involvement with bankrupt real estate mogul René Benko. The investigation was triggered by concerns that the business and control functions at Julius Bär were not sufficiently separated. The […]
