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☆ UBS launches its experiential "House of Craft" campaign in New York as Credit Suisse integration continues
▼ + stars: | 2024-10-18 | by ( Julia Hood | ) www.businessinsider.com time to read: +6 min

UBS launched its global "House of Craft" initiative at an event in New York City in October. AdvertisementIn a SoHo townhouse in New York City, UBS launched its global "House of Craft" initiative, an experiential campaign that honors the tradition of craftsmanship. AdvertisementConvening around craftNew York City's legacy of fine craftsmanship made it the choice destination for UBS's first "House of Craft" event. James Miller, who said he collects micro-brand timepieces, wore a Henry Archer watch to the "House of Craft" event. "This is a brand campaign, but it's one very clearly associated with making sure more people are positively thinking about us," he said.

Persons: —, Carmelo Anthony, Daniel Dae Kim, Ginny Wright, Audemars Piguet, Jean, Claude Biver, John McDonald, McDonald, Sergio Ermotti, Ermotti, Prophet, James Miller, Henry Archer, Julia Hood Miller, Nathan Desloover, Todd Snyder, Julia Hood, I've, Desloover, I'm Organizations: UBS, Credit Suisse, Service, NBA, Audemars, TAG, Suisse, Swiss, Publicis Groupe, Suisse hasn't, Horological Society of New Locations: New York City, Swiss, Americas, UBS's, Asia, Latin America, New York, York, Horological Society of New York, Detroit

☆ Switzerland-Italy border to partly shift as glaciers melt
▼ + stars: | 2024-10-01 | by ( Laura Paddison | ) edition.cnn.com time to read: +2 min

While national boundaries are often thought of as fixed, large sections of the Swiss-Italian border are defined by glaciers and snow fields. “With the melting of the glaciers, these natural elements evolve and redefine the national border,” the Swiss government said in a statement Friday. The country’s glaciers lost 4% of their volume last year, second only to the record-setting 6% lost in 2022. “Some glaciers are literally falling apart, small glaciers are disappearing.”Even with the most ambitious climate action, up to half the world’s glaciers may be gone by 2100. The shifting of national borders “is one small side-effect” of glaciers melting, Huss said.

Persons: Matthias Huss, GLAMOS, ”, Huss Organizations: CNN, Swiss, ETH Zürich Locations: Italy, Switzerland, Zermatt, Swiss, Europe, Italian, “

☆ Ukraine's peace summit lacks clout as Russia, China and others stay away
▼ + stars: | 2024-06-14 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +7 min

Ukraine’s President Volodymyr Zelenskyy attends a military honour ceremony on June 7, 2024 in Paris, France. Marc Piasecki | Getty Images News | Getty ImagesUkraine's leadership has been talking about this weekend's peace summit in Switzerland for months, desperately trying to drum up international enthusiasm for — and investment in — Kyiv's peace plan. watch nowRussia has repeatedly slammed the gathering, saying a peace summit without its participation is meaningless. Ukraine's President Volodymyr Zelenskyy accused Russia and China of working together to sabotage the summit and pressurizing other countries not to attend. Dubovyk dismissed the absence of countries like China and Saudi Arabia, saying their presence at previous, similar meetings had not helped to bring peace closer.

Persons: Volodymyr Zelenskyy, Marc Piasecki, wasn't, Russia —, What's, Joe Biden, Kamala Harris, Jake Sullivan, Zelenskyy, Putin, Shelby Magid, Viola Amherd, Ignazio Cassis, Volodymyr Dubovyk, Dubovyk Organizations: Getty, Peace, Kremlin, CNBC, Kyiv, House, Omaha Beach, Anadolu, Council's Eurasia, Ukraine, Swiss, Democratic, Center for Locations: Paris, France, Switzerland, Peace, Ukraine, Swiss, Bürgenstock, Russia, China, Saudi Arabia, Brazil, India, South Africa, Turkey, Europe, Asia, Africa, Latin America, cyberattacks, Central, Eastern Europe, U.S, California, Hollywood, Moscow, Normandy, Ukrainian, Bern, Russian, Kharkiv

☆ Another European country is flying fighter jets off highways like NATO has been doing to protect its warplanes
▼ + stars: | 2024-06-06 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

It marked the first time since 1991 that the Swiss air force has operated from a highway. During the Cold War, aircraft in Europe trained to operate from non-traditional airstrips and improvised runways to reduce vulnerability. To reduce their vulnerability to long-range strikes, the air force is focusing on disaggregating and using improvised runways to conduct operations. The fighter aircraft were quickly refueled while their engines were running — a tactic known as hot-pit refueling — before they took off again. Not only for the Norwegian Air Force, but also for the Nordic countries, and for NATO," Chief of the Royal Norwegian Air Force Maj. Gen. Rolf Folland said in a press statement at the time.

Persons: —, Russia's, Rolf Folland, They've Organizations: Service, NATO, Business, Swiss, Swiss Army, Norwegian Air Force, Nordic, Royal Norwegian Air Force, Royal Auxiliary Air Force, Commando Locations: Ukraine, Swiss, Europe, Switzerland, Norway, Finnish, Finland, Michigan, Wyoming, Texas

☆ Ukraine war live updates: Conflict reaches day 800, Russia says it curbed Ukrainian attacks overnight
▼ + stars: | 2024-05-03 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +1 min

The Russia-Ukraine war reached day 800 on Friday, crossing another milestone in the ongoing conflict as the battle continues with no resolution appearing imminent. A spokesperson for the Russian foreign ministry late on Thursday reiterated that Russia would not take part in the peace summit that is set to be held in June in Switzerland. The Swiss government said Thursday that Russia has not been invited. Meanwhile, Russia's defence ministry on Friday said it had thwarted attacks from Ukraine overnight, with its air defence systems destroying six drones, according to a post by the ministry on Telegram. Five drones were intercepted over the Belgorod region at the border of Russia and Ukraine, while one was destroyed over Russian-occupied Crimea on the Black Sea, according to a Google-translation of the post.

Persons: Maria Zakharova Organizations: CNBC Locations: Russia, Ukraine, Switzerland, Swiss, Belgorod, Crimea

☆ Americans are falling behind on their payments
▼ + stars: | 2024-04-25 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Americans are already struggling to keep up with their credit card payments. Strong consumer spending has buoyed the US economy through the Fed’s aggressive hiking cycle that has brought interest rates to a 23-year high. Economists say that Fed officials look closely at Americans’ ability to make their payments. Nunes, himself a former Republican congressman from California, pointed to how Trump Media has been among the most expensive stocks to borrow. “This is particularly troubling given that ‘naked’ short selling often entails sophisticated market participants profiting at the expense of retail investors,” the Trump Media CEO wrote.

Persons: New York CNN —, Austan Goolsbee, ’ ”, ”, Ramon Laguarta, Matt Egan, Devin Nunes, ” Nunes, Nunes, Read, Hanna Ziady, Colm Kelleher, “ Organizations: CNN Business, Bell, New York CNN, Chicago Federal, Society for, New York Fed, ISI, PepsiCo, Commerce Department, Atlanta Fed, Social, Trump Media, Trump Media & Technology Group, Truth Social, Financial Services, Republican, Traders, UBS, Credit Suisse Locations: New York, California, Switzerland, Swiss

☆ Switzerland says UBS may need more cash. The bank is fuming
▼ + stars: | 2024-04-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

Now, the giant Swiss lender is hitting back, saying its finances are robust and warning that the proposal could harm Switzerland’s standing as a global financial center. “There can be no regulatory solution for a broken business model,” he continued, referring to Credit Suisse. UBS bought its stricken rival last March in a government-orchestrated rescue aimed at preventing a global financial crisis. It was not too-low capital requirements that forced Credit Suisse into the historic weekend rescue,” he added. But that leaves the stock more vulnerable to declines as a result of “execution risk in the Credit Suisse integration,” suggested Citi analyst Andrew Coombs.

Persons: London CNN —, Colm Kelleher, “, ”, Kelleher, Pascal Mora, Karin Keller, Keller Sutter, Anke, Andrew Coombs, ” Kelleher, Sergio Ermotti’s, Ermotti Organizations: London CNN, Credit Suisse, UBS, Bloomberg, Getty, RBC Capital Markets, Citi, Reuters Locations: Swiss, Switzerland, Europe

☆ UBS chair says Swiss banking giant is not 'too big to fail'
▼ + stars: | 2024-04-24 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

UBS Group Chairman Colm Kelleher on Wednesday said that the Swiss bank is "not too big to fail," as he criticized Swiss government proposals to strengthen its capital requirements. Kelleher was delivering a speech during the UBS Annual General Meeting — the first such gathering held since the bank completed the takeover of its former rival Credit Suisse last summer. "UBS is not too big to fail. UBS is one of the best capitalized banks in Europe, with a sustainable business model and a corresponding low-risk balance sheet," Kelleher said. This is a breaking news story and will be updated shortly.

Persons: Colm Kelleher, Kelleher Organizations: UBS, Credit Suisse Locations: Swiss, Europe

☆ 'Lose-lose situation': New Swiss bank laws could derail UBS' challenge to Wall Street giants
▼ + stars: | 2024-04-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Sergio Ermotti, CEO of Swiss banking giant UBS, during the group's annual shareholders meeting in Zurich on May 2, 2013. Fabrice Coffrini | Afp | Getty ImagesSwitzerland's tough new banking regulations create a "lose-lose situation" for UBS and may limit its potential to challenge Wall Street giants, according to Beat Wittmann, partner at Zurich-based Porta Advisors. The government-backed takeover was the biggest merger of two systemically important banks since the Global Financial Crisis. At $1.7 trillion, the UBS balance sheet is now double the country's annual GDP, prompting enhanced scrutiny of the protections surrounding the Swiss banking sector and the broader economy in the wake of the Credit Suisse collapse. The Wednesday report floated giving additional powers to the Swiss Financial Market Supervisory Authority, applying capital surcharges and fortifying the financial position of subsidiaries — but stopped short of recommending a "blanket increase" in capital requirements.

Persons: Sergio Ermotti, Fabrice Coffrini, Beat Wittmann, Wittmann, Wittman, Goldman Sachs, Morgan Stanley — Organizations: UBS, Afp, Getty, Wall, Porta Advisors, Swiss, Credit Suisse, Suisse, Swiss Financial Market, Authority, JPMorgan, Citigroup Locations: Zurich, Switzerland

☆ UBS to face tougher rules in Swiss response to Credit Suisse rescue
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: +2 min

Switzerland's government said on Wednesday that UBS and three other systemically relevant banks must face tougher capital requirements to shield the country's wider economy, a year after the rescue of Credit Suisse. In 209 pages of recommendations on how to police banks deemed "too big to fail" (TBTF), the Swiss government pitched 22 measures for direct implementation. It stopped short of saying how far stricter capital requirements should go. The increase in requirements for UBS will be "substantial, especially if UBS were to retain its current size and structure, or even grow," it noted in an explanatory document. The Swiss government-backed takeover by UBS of Credit Suisse last year was the biggest merger of banks of systemic importance since the 2007-9 financial crisis.

Persons: Switzerland's Organizations: UBS, Credit Suisse, Swiss Locations: Manhattan , New York City, Switzerland, Swiss

☆ A landmark ruling in Europe's top rights court delivers a watershed moment for climate litigation
▼ + stars: | 2024-04-09 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Europe's top human rights court on Tuesday ruled in favor of more than 2,000 elderly Swiss women who argued that their government's efforts to tackle the climate crisis were insufficient to protect them from more frequent and intense heat waves. The European Court of Human Right's (ECHR) decision was hailed by campaigners as a ground-breaking moment that could serve as a blueprint for other climate litigation cases argued on human rights grounds. The impact of the decision is expected to be felt far beyond Europe's borders. The decision could compel the Swiss government to revise its climate policies, including upgrading its near-term emissions reductions targets to align with the landmark Paris Agreement. "This result from one of the world's highest courts sends a clear message: governments must take real action on emissions to safeguard the human rights of their citizens."

Persons: Vesselina Newman, ClientEarth Organizations: Swiss, Protection, European, of Human Rights Locations: Strasbourg, France, Europe's, Swiss, Paris

☆ Switzerland violated human rights, European court finds, in landmark climate case brought by 2,000 women
▼ + stars: | 2024-04-09 | by ( Laura Paddison | ) edition.cnn.com time to read: +4 min

CNN —An international court in France on Tuesday ruled Switzerland’s failure to adequately tackle the climate crisis was in violation of human rights, in a landmark climate judgment that could have a ripple effect across the globe. The European Court of Human Rights (ECHR) in Strasbourg, France delivered its ruling in a case brought by more than 2,000 Swiss women, the majority of whom are in their 70s, against Switzerland’s government. “It means that all European countries must urgently revise their targets so that they are science-based and aligned to 1.5 degrees. Those two claims were ruled “inadmissible.”Swedish climate activist Greta Thunberg, second left, joins youths from Portugal during a demonstration outside the European Court of Human Rights on Tuesday in Strasbourg, France. Both the International Court of Justice and the Inter American Court of Human Rights have cases pending which relate to the human rights impacts of climate change.

Persons: “, ” Gerry Liston, Vesselina Newman, ClientEarth, Greta Thunberg, Jean, Francois Badias, ”, Catarina dos Santos Mota, ” Liston Organizations: CNN, of Human Rights, Swiss, Switzerland, Global, Network, of Human, International Court of Justice, Inter American Court of Human Locations: France, Strasbourg, Portugal, Switzerland, Swiss

Europe’s top human rights court said in a landmark ruling on Tuesday that the Swiss government had violated its citizens’ human rights by not doing enough to stop climate change. But the court rejected climate-related cases brought by the former mayor of a coastal town in France and a group of young people in Portugal as inadmissible. The cases, the first of their kind to be heard at the court, the European Court of Human Rights in Strasbourg, France, are part of a broader movement of climate-related lawsuits that aim to use human rights law to push governments to act against global warming. The rulings focused on three cases, filed by members of the public in France, Portugal and Switzerland who argued that their governments, by not doing enough to mitigate climate change, were violating the citizens’ rights under the European Convention on Human Rights.

Organizations: Swiss, of Human Rights, European, Human Rights Locations: France, Portugal, Strasbourg, Switzerland

☆ India says Europe trade group commits to $100 billion 15-year deal
▼ + stars: | 2024-03-11 | by ( ) www.cnbc.com time to read: +2 min

Indian Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Shri Piyush Goyal is talking to media on EU-India trade relations. India will waive tariffs on industrial imports from four European nations for a $100 billion investment over 15 years, ending nearly 16 years of negotiations. It envisages that the European Free Trade Association, comprised of Switzerland, Norway, Iceland and Liechtenstein, will invest $100 billion over 15 years in India's fast-growing market of 1.4 billion people, Trade Minister Piyush Goyal said. "With the new deal, we have secured nil import taxes on nearly every Norwegian good." The five signatories must ratify Sunday's deal before it can take effect, with Switzerland planning to do so by 2025.

Persons: Piyush Goyal, Narendra Modi, Christian Vestre, Goyal Organizations: of Commerce and Industry, Consumer Affairs, Food, United Arab, European Free Trade Association, Trade, Industry Locations: India, Australia, United Arab Emirates, Britain, Switzerland, Norway, Iceland, Liechtenstein

The Swiss government on Wednesday selected Stefan Walter, a 59-year-old German national who was director-general of the European Central Bank for the last decade, to head the Swiss financial authority known as FINMA. Swiss authorities feared the collapse of such a major lending institution could further roil global financial markets following the failure of two U.S. banks last year. The troubles at Credit Suisse threatened to unhinge Switzerland's position as a leading financial market, and the takeover left the country with only one internationally important bank: UBS. Political Cartoons View All 253 ImagesA parliamentary panel created after the government-orchestrated merger has been looking into the origins of the deal. Walter, who has a master's degree in international banking from Columbia University in New York, will start the job on April 1, the Swiss government said.

Persons: Stefan Walter, Walter, Urban Angehrn, Angehrn, Mark Branson, Marlene Amstad, ” Amstad, SRF, FINMA Organizations: GENEVA, UBS, Credit Suisse, Swiss, European Central Bank, Federal Council, Columbia University Locations: Swiss, U.S, British, New York

☆ Russia Calls Ukraine Peace Meetings 'Pointless', Says Plan Can't Succeed
▼ + stars: | 2024-01-16 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

(Reuters) - Russia said on Tuesday that it was increasingly apparent to the world that Ukrainian President Volodymyr Zelenskiy's plan to resolve the nearly two-year war had no hope of succeeding and dismissed meetings devoted to it as "pointless and harmful". The fourth in a series of meetings bringing together officials from several dozen countries - but not Russia - was held this week in Davos. "All such meetings ... including the Davos gathering and those to follow it, are pointless and harmful for settling the Ukrainian crisis." Russia is pointedly not invited to the meetings centred on Zelenskiy's peace plan, which calls for withdrawal of all Russian troops from Ukraine, recognition of its 1991 post-Soviet borders and a mechanism to bring Moscow to account. The Swiss government agreed after the latest gathering on Zelenskiy's peace plan to host a global peace summit on Ukraine at Zelenskiy's request.

Persons: Volodymyr Zelenskiy's, Zelenskiy, Vladimir Putin, Andriy Yermak, Dmitry Peskov, Ron Popeski, Rosalba O'Brien Organizations: Reuters, Economic, Kyiv, Staff, Davos Locations: Russia, Davos, Russian, Ukraine, Moscow, Swiss

☆ Swiss have frozen $8.8 billion of Russian assets
▼ + stars: | 2023-12-01 | by ( John Revill | ) www.reuters.com time to read: +2 min

BERN, Dec 1 (Reuters) - Switzerland has frozen an estimated 7.7 billion Swiss francs ($8.81 billion) in financial assets belonging to Russians, the government said on Friday, under sanctions designed to punish Moscow for its invasion of Ukraine. The State Secretariat for Economic Affairs (SECO), the agency overseeing sanctions, said the 7.7 billion francs figure was only its latest estimate and was subject to change. Bern has also blocked the movement of 7.4 billion francs in foreign currency assets belonging to the Russian central bank. SECO declined to comment on which individuals have had their assets frozen. Still, the frozen assets are only a fraction of the total wealth held by Russians in Switzerland, with the country's banks holding 150 billion francs, according to estimates by the Swiss Bankers Association.

Persons: Alain Berset, John Revill, Gareth Jones, Alison Williams Organizations: Secretariat, Economic Affairs, Swiss Bankers Association, Ukraine, European, Thomson Locations: BERN, Switzerland, Moscow, Ukraine, European, Swiss, Bern, Russian

☆ UBS resumes selling the bonds at the heart of Credit Suisse controversy
▼ + stars: | 2023-11-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

UBS on Wednesday began selling Additional Tier 1 (AT1) bonds — which were at the heart of controversy during its emergency rescue of Credit Suisse — for the first time since completing the takeover. Non-call bonds are bonds that only pay out at maturity. UBS confirmed to CNBC that it is offering additional tier 1 securities, but did not comment on the details of the contracts and said it will provide additional information when the offering is complete. The wipeout of $17 billion of Credit Suisse AT1 bonds, as part of the rescue deal brokered by Swiss authorities in March, caused uproar among bondholders and continues to saddle the Swiss government and regulator with legal challenges. AT1 bonds are considered a relatively risky form of junior debt and are often owned by institutional investors.

Organizations: UBS, Wednesday, Credit Suisse —, CNBC, Credit Suisse, Swiss Locations: Swiss

☆ UBS posts large loss on costs of Credit Suisse takeover
▼ + stars: | 2023-11-07 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —UBS made a hefty loss in the first full quarter since it closed a deal to rescue its stricken rival Credit Suisse, even as the bank attracted billions of dollars in new deposits from customers. UBS (UBS) saw $22 billion of net new money flow into its global wealth management business, as it gained new clients and won back assets from those who had pulled funds immediately after the takeover. That figure includes flows into Credit Suisse’s wealth management unit, which turned positive for the first time in 18 months. Across the group as a whole, UBS attracted net new deposits of $33 billion, with two-thirds of that coming from legacy Credit Suisse clients. CEO Sergio Ermotti was brought back to helm UBS through its takeover of Credit Suisse within days of the Swiss government-orchestrated deal being announced.

Persons: Sergio Ermotti, ” Ermotti, ” “, Benjamin Goy, Sharath Kumar, ” Organizations: London CNN, UBS, Credit Suisse, Swiss, ” “ UBS, Deutsche Bank Locations: Zurich, Swiss

☆ Semenya case referred to European rights court's grand chamber
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

She is attempting to overturn requirements that female athletes with differences in sexual development (DSDs) medically reduce their testosterone levels. It was not a judgement against the World Athletics regulations. The Swiss referral will now be heard by the full 17-member ECHR Grand Chamber. Semenya told Reuters last month that her competitive running days are likely over but she remained committed to the legal battle against World Athletics. "World Athletics has only ever been interested in protecting the female category.

Persons: Aleksandra Szmigiel, Semenya, Nick Said, Ken Ferris Organizations: Hayward Field, European, of Human Rights, Chamber, hyperandrogenism, Sport, Swiss, Court, Reuters, World Athletics, womens, Thomson Locations: Eugene , Oregon, U.S, Swiss, Semenya

The Swiss National Bank and the Swiss Finance Ministry are part of the conversations with lenders, one source said. A representative for the finance ministry said that the issue of bank runs is part of an overall evaluation of the too-big-to-fail regulatory framework in Switzerland. Regulators worldwide have since been grappling with the risk of bank runs, which in the era of digital banking have accelerated in speed. Financial regulators will need to make sure that banks retain adequate financial buffers as advances in technology increase the risk of bank runs, Bank of England executive director for markets, Andrew Hauser, said on Friday at a conference in London. They risk penalizing Swiss banks if they were to be introduced only in Switzerland, one of the sources said.

Persons: SNB, Zürcher, PostFinance, Raiffeisen, Andrew Hauser, Thomas Jordan, Stefania Spezzati, Oliver Hirt, Elisa Martinuzzi, John O'Donnell, Paritosh Bansal, Nick Zieminski Organizations: UBS, Swiss National Bank, Swiss Finance Ministry, Reuters, Swiss, Raiffeisen, Credit Suisse, Regulators, Bank of England, Thomson Locations: ZURICH, Switzerland, Swiss, Zurich, U.S, London, Bern

☆ Swiss satellite antennas make a comeback as solar powerhouses
▼ + stars: | 2023-10-19 | by ( Denis Balibouse | Thomson Reuters | Award Winning Photographer Based In Switzerland With Over Years Of Experience In Coverage Of Local | ) www.reuters.com time to read: +2 min

[1/5] Employees of Swiss electricity producer and supplier CKW, part of Axpo, install solar panels in a satellite dish at the Leuk Teleport and Data Center in Leuk, Switzerland, October 18, 2023. REUTERS/Denis Balibouse Acquire Licensing RightsLEUK, Switzerland, Oct 19 (Reuters) - High in the Alps, two Swiss companies are repurposing obsolete satellite antennas into giant solar panels, taking advantage of Switzerland's mountainous terrain to generate much-needed green energy. Its mountainous location means the solar panels will get more direct sunlight, especially in winter, than if they were installed near mistier, low-lying urban areas. "Former satellite antennas are ideal as solar energy systems," said CKW Group, the energy services provider that assisted Leuk Teleport and Data Center with the repurposing of its antenna. "Solar energy can make an important contribution to the power mix.

Persons: Denis Balibouse, Leuk, Miral Organizations: CKW, REUTERS, CKW Group, Axpo, Thomson Locations: Leuk, Switzerland, Valais, mistier, Swiss

☆ Swiss financial watchdog to lose more staff
▼ + stars: | 2023-09-21 | 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. Preisig, who said she wants to take on a new role outside of FINMA, has headed the Strategic Services division since 2020. FINMA, the Swiss government and the Swiss National Bank have come under fire for their perceived late intervention following the collapse of Credit Suisse and its subsequent rescue by larger rival UBS (UBSG.S) in March. The regulator's secretary general, the head of international affairs and the head of communications have also recently resigned. Reporting by Oliver Hirt, Writing by Noele Illien; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Ruben Sprich, Johanna Preisig, Urban, Preisig, Angehrn, Oliver Hirt, Noele Illien, Sharon Singleton Organizations: Swiss Financial Market, Authority, REUTERS, UBS Group, Strategic Services, FINMA, Swiss National Bank, Credit Suisse, UBS, Thomson Locations: Bern, Switzerland, FINMA, Swiss

[1/4] UBS CEO Sergio Ermotti addresses the Economic Club of New York in New York City, U.S., September 14, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsNEW YORK, Sept 14 (Reuters) - UBS Group (UBSG.S) CEO Sergio Ermotti plans to stay at the helm through 2026 to integrate former rival Credit Suisse in a process he likened to a marathon. "I need to finish the job," Ermotti told the Economic Club of New York on Thursday. "My commitment is to finish the job, and for sure that means staying through the end of 2026. UBS said last month it wants to cut $10 billion in costs by the end of 2026 and lay off 3,000 people in Switzerland.

Persons: Sergio Ermotti, Brendan McDermid, Ermotti, Colm Kelleher, Tatiana Bautzer, Lananh Nguyen, Chris Reese, Timothy Gardner Organizations: UBS, Economic, of New, REUTERS, Credit Suisse, Thomson Locations: of New York, New York City, U.S, Swiss, Asia, China, Switzerland, New York

CNN —A famed Russian conductor allowed climate protesters who disrupted a performance at a classical music festival in Switzerland to address the crowd, despite grumbling from some members of the audience. Following their brief intervention the two activists then left the stage, according to a press release from Renovate Switzerland. Renovate Switzerland later thanked Jurowski for his support in a post on X, and festival director Michael Haefliger also released a statement on social media. “We very much regret that yesterday’s concert was unexpectedly interrupted by two climate activists from Renovate Switzerland. Climate protesters are increasingly targeting high-profile events in order to raise awareness of environmental issues.

Persons: Vladimir Jurowski, “, Jurowski, ” Jurowski, ”, Anthony, I’ll, Michael Haefliger, Coco Gauff, Karolína, Gauff, couldn’t “, I’m Organizations: CNN, Bavarian State Opera, Bavarian, Opera Locations: Russian, Switzerland, Lucerne

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