UBS CEO committed to staying at the helm through 2026

"During the weekend the deal was struck, Ermotti was at a football game when his phone started to ring.
UBS Chairman Colm Kelleher later called him about rejoining the firm. "It was on Monday morning the chairman of UBS called me and asked me in to see me. I guess I started to suspect it probably was not about having a beer," Ermotti said."
"After serving as CEO from 2011 to 2020, Ermotti said he felt a duty to return and steer the bank through the turmoil. Looking ahead, Ermotti pointed to the U.S. and Asia as growth areas. But he cautioned investors may be too confident about the likelihood of soft landing in which the U.S. economy avoids a major recession.
Wealthy clients are flocking to money market funds in the U.S., tempted by higher rates, he added."

Source:

https://www.reuters.com/markets/europe/ubs-ceo-committed-staying-helm-until-least-end-2026-2023-09-14/

Comments

UBS SHARES FELL AFTER A REPORT OF COMPLIANCE FAILURE AMID RUSSIAN CLIENTS

https://drive.google.com/file/d/18EvHeQCCcRJJPEaonc8pby64KA6fD0Xh/view?usp=drivesdk "ZURICH, Sept 27 (Reuters) - UBS shares fell on Wednesday after a report that the U.S. Department of Justice has stepped up scrutiny into alleged compliance failures that helped Russian clients evade sanctions . UBS declined to comment to Reuters when asked for a response to the Bloomberg News report, which said the alleged compliance failures related to UBS and Credit Suisse, which was taken over by its larger rival UBS (UBSG.S) earlier this year." " Trading in UBS shares was temporarily halted after they fell nearly 8% following the report. The Swiss bank's shares later recovered to trade 3.3% lower at 1500 GMT." SOURCE: https://www.reuters.com/business/finance/ubs-credit-suisse-face-wider-us-probe-over-russia-sanctions-bloomberg-news-2023-09-27/

Behind the global crisis in the financial sector

Globe and Mail Update The year-old credit crunch has become a full-scale financial crisis that this week alone has seen the collapse of a major Wall Street investment bank, the sale of another and a move by the U.S. Federal Reserve to bail out a private insurer to the tune of $85-billion (U.S.). Four Report on Business reporters explain what's behind the global shockwaves. Why are credit markets frozen, and why won't banks lend to each other? Credit markets have dried up because lenders fear they won't be paid back. Fear of the unknown has caused banks and other institutions to hoard their money. Worry that more financial institutions will fail has made banks reluctant to lend to one another, exacerbating the situation and raising the chance that another bank will find itself without enough funds. It's unclear to what extent individual financial institutions are exposed to the toxic assets that caused the crisis. For that reason, they are only willing to lend t...

Charity or Complicity?: From Holocaust Memory to Middle Eastern Injustice. A Critical Look at the EKD

Introduction and History of the Evangelical Church in Germany (EKD): The Evangelical Church in Germany (EKD) is a federation of 20 Lutheran, Reformed, and United Protestant regional churches. It is one of the largest Christian organizations in Germany , representing approximately 19.7 million members as of recent estimates. The EKD serves as an umbrella organization rather than a centralized authority , with each regional church maintaining autonomy in governance and theology. Historical Background: 1. Formation (1948): The EKD was founded in 1948 in the aftermath of World War II to unify Germany’s Protestant churches , which were fragmented due to historical denominational divisions and the challenges of the Nazi era. 2. World War II and the Nazi Era: During the Third Reich , parts of the German Protestant Church aligned with Nazi ideology , forming the "German Christians" movement . However, other groups, such as the Confessing Church, resisted Nazi interference in...

Ainnbeen

Search This Blog