Exclusive: Meet the former UBS and JPMorgan heavyweights shaking up private banking May 28, 2021 As the economy is slowly switching into recovery gear, activity in the City and beyond is starting to pick up again. That is also the case for Vestrata, a relatively new fintech player that is taking the wealth management and private banking space by storm by bring machine learning and automated risk metrics into the [...]
EU slaps £319m fine on UBS, Nomura and UniCredit for bond cartels May 20, 2021 European Union antitrust regulators charged UBS, UniCredit and Nomura with a fine of £319m for their connections with a European government bond trading cartel. The sizable fines are the most recent punishment of the financial industry for its alleged involvement in foreign exchange cartels, Euribor and Libor benchmark cartels, and bonds cartels. The European Commission [...]
Santander boss Ana Botin defends Andrea Orcel CEO offer as top bankers face off in court May 19, 2021 Santander boss Ana Botin defended the bank’s actions in a court hearing in Spain today over the withdrawal of an offer more than two years ago to make Italian banker Andrea Orcel its chief executive. The very public row, which has offered a rare glimpse into the inner workings of a top bank, ended up in [...]
UBS takes unexpected $774m Archegos hit April 27, 2021 UBS reported a surprise $774m hit following the collapse of U.S. investment fund Archegos, taking the shine off a forecast-beating 14 per cent rise in quarterly net profit. The news comes as losses from Archegos are still rippling across the global banking industry, with Japan’s Nomura posting on Tuesday its biggest quarterly loss in over a [...]
UBS bonus pot jumps to $3.3bn during pandemic year March 5, 2021 Employees at UBS earned higher bonuses in 2020, as bumper pandemic profits saw extras at the bank rise by 24 per cent to $3.3bn during the year. Executives collected compensation of $125m in 2020, up from $109m the year before Covid hit, the bank’s annual report showed on Friday. Bonuses had risen by 1 per [...]
Don’t bank on it: Is this UBS promo the most cringeworthy video ever? February 5, 2021 Social media was left baffled today after a recruitment video for UBS surfaced online. Anyone who’s ever stepped foot in the business world has, at some point, been subjected to a promotional video. From forced smiles to inane platitudes, the corporate promo shoot is invariably a cringeworthy affair, usually witnessed under duress during some ghastly [...]
UBS cautious on economic outlook despite 137 per cent jump in profit January 26, 2021 The world’s largest wealth manager has reported a net income of $1.71bn in the fourth-quarter of 2020, a 137 per cent leap on the previous year. The Swiss bank praised its own performance in a results statement released this morning but warned of the challenges facing the world in the economic recovery from Covid-19. All [...]
Dutch court to probe UBS boss over ING money laundering problems December 9, 2020 UBS has backed its new chief executive Ralph Hamers after a Dutch court ordered an investigation into him relating to money laundering at ING, where he was CEO until earlier this year. ING paid a €775m – or roughly £700m – settlement to Dutch prosecutors in 2018 after it failed to notice money laundering and [...]
UK investors most downbeat in world on own economy October 21, 2020 UK investors are more downbeat about the short-term prospects for their own economy than their global peers, according to new research. Some 43 per cent of UK investors surveyed by UBS in the third quarter said they were optimistic about their own region’s economy over the next 12 months. While the figure represents a three [...]
UBS profit soars 99 per cent on trading boom October 20, 2020 UBS reaped the benefits of the rebound in global markets in the third quarter, with its investment banking arm helping the overall business achieve a 99 per cent jump in profit. The Swiss lender’s wealth management arm – which has been a focus of departing chief executive Sergio Ermotti – also expanded despite the coronavirus [...]