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In a memo to staff Ermotti said that 3,000 Swiss jobs would go, while more people would leave of their own accord, for example, through retirement. With a market value of 77 billion Swiss francs, UBS also struck an optimistic note about its short-term outlook. With Credit Suisse in Switzerland intact and independent, as some politicians had hoped, fewer jobs would have been hit. [1/2]Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Reuters GraphicsThe bumper profit results from a huge one-off gain that reflects how the acquisition costs were far below Credit Suisse's value.

Persons: Ermotti, Sergio Ermotti, Denis Balibouse, Jefferies, Brenna Hughes, John O'Donnell, Noele, Edwina Gibbs, Tomasz Janowski, Alexander Smith Organizations: UBS, Credit Suisse Swiss, Credit Suisse, UBS grapples, REUTERS, Swiss Bank Employees Association, Analysts, Deutsche Bank, Reuters, Credit, Thomson Locations: Switzerland, ZURICH, Swiss, Zurich Switzerland, Zurich, London

☆ Factbox: Key figures for UBS, including Credit Suisse
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Groupwide UBS results include just one month of Credit Suisse earnings as the deal only closed in June. OUTFLOWSCredit Suisse reported net asset outflows of 39.2 billion Swiss francs ($44.6 billion) in the quarter. ASSETSInvested assets for the combined group were $5.53 trillion, while Credit Suisse managed assets of 1.213 trillion Swiss francs. Credit Suisse reported a net loss of 9.3 billion Swiss francs.

Persons: Denis Balibouse, Groupwide, Brenna Hughes, Edwina Gibbs Organizations: Credit Suisse, UBS, REUTERS, OUTFLOWS Credit Suisse, UBS headcount, NET, Thomson Locations: Zurich Switzerland, UBS's, OUTFLOWS

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Aug 24 (Reuters) - GAM (GAMH.S) has entered into discussions with French billionaire Xavier Niel's NewGAMe shareholder group after a takeover offer from Britain's Liontrust failed to gain the required level of support. "The GAM Board acknowledges that the majority of our shareholders have not found the Liontrust Offer compelling. GAM shares fell 5.08% shortly after market open, whereas Liontrust recorded a 10.37% gain. Liontrust had made its offer conditional on winning the backing of two-thirds of GAM's shareholders in a prospectus it published in June. The investor group, led by Niel's NewGAMe and asset manager Bruellan, have vehemently opposed the all-share offer, saying in July that it "grossly undervalues GAM".

Persons: Arnd, Xavier Niel's, Britain's Liontrust, Liontrust, GAM's, David Jacob, Niel's NewGAMe, Bruellan, Brenna Hughes, Friederike Heine, Jason Neely, Christina Fincher Organizations: REUTERS, Rights, GAM, Thomson Locations: Zurich, Switzerland, British, Liontrust

☆ SoftwareOne says strategic review remains ongoing, reports H1 results
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Aug 24 (Reuters) - SoftwareOne (SWON.S) reiterated its full-year guidance on Thursday and said a strategic review to maximise shareholder value remains ongoing, as it reported a 1.7% drop in adjusted earnings before interest, depreciation and amortisation (EBITDA) for the first half of 2023. The Swiss software provider, which went public in 2019 and has been recently eyed by Bain Capital for takeover, reported half-year adjusted EBITDA of 111.7 million Swiss francs ($127.41 million). ($1 = 0.8767 Swiss francs)Reporting by Brenna Hughes Neghaiwi, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Brenna Hughes, Friederike Heine Our Organizations: Bain Capital, Thomson Locations: ZURICH, Swiss

☆ US Senators say Credit Suisse did not review all records when probing Nazi-linked accounts
▼ + stars: | 2023-08-17 | by ( Chris Prentice | Brenna Hughes Neghaiwi | ) www.reuters.com time to read: +2 min

NEW YORK/ZURICH (Reuters) - Swiss lender Credit Suisse did not review all available records when it conducted an internal probe into the historical servicing of Nazi clients and Nazi-linked accounts, according to an investigation published by U.S. lawmakers on Thursday. The logo of Credit Suisse is seen outside its office building in Hong Kong, China, August 8, 2023. “Just under” 1,000 of 65,000 sets of records were available electronically for review, the report said. Neil Barofsky, the former ombudsman, and AlixPartners, the consulting firm Credit Suisse hired to conduct the probe, did not respond immediately to a requests for comment. A spokesperson for Credit Suisse referred Reuters to its April statement defending its review and raising concerns over the ombudsman’s work.

Persons: Tyrone Siu, “, Chuck Grassley, Neil Barofsky, Simon Wiesenthal Organizations: Credit Suisse, Nazi, U.S, REUTERS, Senate, Reuters, Simon, Simon Wiesenthal Center, Bloomberg Locations: ZURICH, Hong Kong, China

☆ Swiss, Italian financial authorities sign cooperation agreement
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

The logo of Swiss Financial Market Supervisory Authority FINMA is seen outside their headquarters in Bern, Switzerland April 5, 2016. REUTERS/Ruben Sprich/File Photo Acquire Licensing RightsZURICH, Aug 16 (Reuters) - Switzerland's financial market supervisory authority FINMA on Wednesday said it had signed a cooperation agreement with Italian supervisory authority CONSOB and Italian national bank, Banca d'Italia, to intensify their cooperation. "Thanks to this agreement, the authorities involved can carry out their supervisory activities even more effectively across borders. This increases legal certainty for supervised institutions operating in Italy and Switzerland," FINMA head Urban Angehrn said in a statement. The agreement would help financial groups gain clearer legal certainty concerning their access to the Italian market, FINMA said.

Persons: Ruben Sprich, Urban Angehrn, FINMA, Brenna Hughes, Alexandra Hudson Organizations: Swiss Financial Market, Authority, REUTERS, Rights, Banca d'Italia, Alexandra Hudson Our, Thomson Locations: Bern, Switzerland, Italy

But while Rose's departure means Europe's 25 biggest banks by assets are still 96% male-run, an analysis by Reuters has found that broader executive management teams have become slightly more balanced since last year. Top management teams at Europe's largest lenders are now 30.6% female, data compiled by Reuters shows, up from 25.6% for the same group of banks in early 2022. Reuters GraphicsAcross the broader financial services sector, however, a recent study by EY found that hiring of women at board of directors level in Europe had actually dipped. Companies appointed women to 44% of board openings in the 12 months through June 2023, down from 52% during the previous year. The overall gender split has nevertheless improved to 43% female and 57% male on the boards of European financial firms, EY found, from a 37%/63% split a year ago.

Persons: Alison Rose's, Isabelle Ferrand, Ann Francke, EY, Brenna Hughes, Tom Sims, Iain Withers, Jesus Aguado, Catherine Evans Organizations: NatWest, Reuters, Reuters Graphics, UBS, European, Chartered Management Institute, Companies, Thomson Locations: ZURICH, Europe, Frankfurt, London, Madrid

[1/3] An exhibition marking the 100th anniversary of the signing of the Treaty of Lausanne that fixed the borders of modern Turkey at the end of World War I is seen at the Historical Museum in Lausanne, Switzerland, July 21, 2023. REUTERS/Denis BalibouseLAUSANNE, Switzerland, July 23 (Reuters) - The Treaty of Lausanne that formed modern Turkey is still cherished by some but remains a disappointment for others including Kurds and Armenians who hoped for autonomous regions and justice for Ottoman-era crimes. Turkey's President Tayyip Erdogan commemorated the anniversary in a statement last year, praising elements of it and saying that Turkey had meticulously monitored its implementation. You must show what this (treaty) means," Karnusian told Reuters, saying that it stood for the "origin of the denial of what happened" to the Armenians. "I think it (the treaty) has endured because everyone's equally unhappy about it," he said.

Persons: Denis Balibouse, Tayyip Erdogan, Koyuncu, Karnusian, Jonathan Conlin, everyone's, Emma Farge, Frances Kerry Organizations: Historical Museum, REUTERS, Reuters, Thomson Locations: Lausanne, Turkey, Switzerland, Swiss, Britain, France, Ottoman Empire

☆ UBS says $100 mln blended finance initiative receives new backers
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: 1 min

Companies UBS Group AG FollowZURICH, July 20 (Reuters) - British and U.S. development finance organisations have agreed to be anchor investors in a new $100 million private-public finance initiative led by UBS' philanthropic arm and non-profit Bridges Outcomes Partnerships, UBS (UBSG.S) said on Thursday. Initial investments in the initiative, focused on delivering Sustainable Development Goal-aligned outcomes, would support government-backed initiatives to support education in Sierra Leone and Ghana, as well as a social enterprise to re-sell and recycle plastic waste in Nigeria, UBS said in a statement. Reporting by Brenna Hughes Neghaiwi, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Brenna Hughes, Friederike Heine Our Organizations: UBS Group, UBS, Thomson Locations: Sierra Leone, Ghana, Nigeria

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