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☆ Swiss National Bank to expand liquidity provision to banks
▼ + stars: | 2023-09-21 | by ( Noele Illien | ) www.reuters.com time to read: +1 min

ZURICH, Sept 21 (Reuters) - The Swiss National Bank will provide funds secured against mortgages to all commercial banks, expanding liquidity provision to the sector, Vice Chairman Martin Schlegel said on Thursday. To take advantage of the support, which had previously only been available to systemically important banks, lenders must be able to transfer the mortgages to the central bank. The greater the number of banks that take the preparatory steps necessary to use the new possibility of obtaining liquidity, the greater will be the central bank's room for manoeuvre in time of need, Schlegel said. Earlier this month, Switzerland's central bank was criticised for being too restrictive in a report by a group of experts, including bankers and academics, formed in the wake of Credit Suisse's collapse. Schlegel said, by expanding the ways the country's banks can tap liquidity, the central bank was not lowering its standards.

Persons: Martin Schlegel, Schlegel, Noele, Tomasz Janowski Organizations: Swiss National Bank, Thomson Locations: ZURICH

☆ 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

The logo of Swiss contract drug maker Lonza is seen at its headquarters in Basel, Switzerland October 1, 2020. Shares in Lonza, which makes drug ingredients for healthcare and biotech companies, dropped 5.3% shortly after the 0700 GMT market open, trading near an eight-month low. A former Roche executive who joined Lonza in 2020, Ruffieux oversaw the company's role in producing COVID-19 vaccines for Moderna (MRNA.O) during the pandemic. "Today’s announcement increases our conviction that the new mid-term targets will not include an acceleration in growth," they said. Lonza did not provide a reason for Ruffieux's departure.

Persons: Arnd, Pierre, Alain Ruffieux, Lonza, Albert Baehny, Ruffieux, Morgan, Spokespeople, Merck KGaA, Noele, Ludwig Burger, Rachel More, David Goodman, Emelia Organizations: REUTERS, Monday, Ruffieux, Roche, Lonza, Moderna, Merck, Noele Illien, Thomson Locations: Basel, Switzerland, Swiss, Lonza, Zurich, Frankfurt

The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. "The strength of the Swiss banks, of the Swiss economy, of the Swiss political system ... I think this is the foundation to be the preeminent number one financial place for cross border wealth management," he told the event. "Everyone is and wants to be in wealth management and everyone sticks to it, even those players who are not as efficient, not as effective as others." He declined to comment on speculation linking Julius Baer with Swiss bank EFG International (EFGN.S).

Persons: Julius Baer, Arnd, Julius Baer's, Philipp Rickenbacher, Rickenbacher, Noele Illien, John Revill, Tomasz Janowski Organizations: REUTERS, Rights, Reuters, UBS, Credit Suisse, Swiss, EFG, Thomson Locations: Zurich, Switzerland, Swiss, United States

☆ UBS executives sold over $15 million shares in September
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: 1 min

A UBS logo is seen next to Credit Suisse at the Bahnhofstrasse before a news conference of Swiss bank UBS in Zurich Switzerland, August 30, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsSept 8 (Reuters) - UBS executives have sold millions in shares since the Swiss bank announced its second quarter results, according to filings on the SIX stock exchange website. Since the start of September, UBS shares worth more than 14 million Swiss francs ($15.68 million) were sold in five transactions by executive members of the board of directors or members of senior management. The sales come in the aftermath of the bank's second quarter results, which saw shares trading at highs not seen since 2008. ($1 = 0.8931 Swiss francs)Reporting by Noele Illien; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Noele Illien, Josie Kao Organizations: UBS, Credit Suisse, Swiss, REUTERS, SIX, Thomson Locations: Zurich Switzerland, Swiss

The logos of Swiss bank Credit Suisse and UBS are seen in Geneva, Switzerland, June 7, 2023. The powerful central bank, Swiss National Bank (SNB), said it disagreed with some of the suggestions, including on liquidity and on how the authorities work. It will change the landscape of banking in Switzerland, where branches of Credit Suisse and UBS are dotted everywhere, sometimes just metres apart. "(The) rescue of Credit Suisse isn't a perfect success but it's not a story of policy failure either. During the global financial crash of 2008, it was UBS, not Credit Suisse, that needed a state rescue.

Persons: Denis Balibouse, FINMA, Beat Wittmann, Nicolas Veron, it's, Oliver Hirt, John O'Donnell, Susan Fenton Organizations: Credit Suisse, UBS, REUTERS, Rights, UBS Group, Swiss, Swiss National Bank, –, Suisse, Social Democrat, Porta Advisors, Peterson Institute for International Economics, Thomson Locations: Geneva, Switzerland, Rights BERN, Swiss, Washington, Zurich

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

☆ UBS to cut 3000 Swiss jobs as it slashes costs by $10 bln
▼ + stars: | 2023-08-31 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. UBS also announced it would be keeping Credit Suisse's domestic bank - and the ensuing job losses are expected to result in a backlash in Switzerland. Hanging on to existing Credit Suisse clients is seen as key if UBS is to successfully pull off the Herculean deal. Groupwide UBS results include just one month of Credit Suisse earnings as the deal only closed in June. The bumper profit is due to a huge one-off gain that reflects how the acquisition costs were far below Credit Suisse's value.

Persons: Denis Balibouse, Ermotti, Sergio Ermotti, Noele Illien, John O'Donnell, Edwina Gibbs Organizations: Credit Suisse, UBS, REUTERS, Suisse, Thomson Locations: Zurich Switzerland, Switzerland, ZURICH, Swiss

☆ Switzerland sees no major impact on labour market from Credit Suisse merger
▼ + 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. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsCompanies UBS Group AG FollowBERLIN, Aug 31 (Reuters) - The Swiss government expects no significant upheaval with regards to the labour market following the integration of Credit Suisse into UBS, Federal Councillor Guy Parmelin said on Thursday. "Possible redundancies are to be staggered. The labour market impact should therefore remain low, especially as the current labour market situation is generally very good," Parmelin said in a statement emailed to Reuters. Reporting by Noele Illien, Writing by Rachel More, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Guy Parmelin, Parmelin, Noele Illien, Rachel More, Friederike Heine Our Organizations: Credit Suisse, UBS, REUTERS, UBS Group, BERLIN, Federal, Reuters, Thomson Locations: Zurich Switzerland, Swiss

☆ UBS winds down Credit Suisse Global Markets business - client letter
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsZURICH, Aug 30 (Reuters) - Credit Suisse said it will reduce the volume of new markets business from Sept. 22 while UBS (UBSG.S) integrates its former rival, the bank said in a letter sent to clients, as the 166-year-old firm winds down trading in global securities. Increases in positions, or maturity extensions, will now not be possible for clients at Credit Suisse, which trades a wide variety of assets from stocks to currencies. "Going forward, UBS shall focus on consolidating new client activity through UBS legal entities," the letter seen by Reuters on Wednesday said. UBS will report its second-quarter earnings on Thursday, its first results since taking over Credit Suisse earlier this year.

Persons: Denis Balibouse, Noele Illien, Rachel More, Louise Heavens Organizations: UBS, Credit Suisse, REUTERS, Rights, Reuters, Thomson Locations: Zurich, Switzerland

☆ After Credit Suisse takeover, UBS gives first glimpse of new group
▼ + stars: | 2023-08-29 | by ( Noele Illien | ) www.reuters.com time to read: +5 min

Credit Suisse has already flagged that it expects to post a hefty loss for 2023. Rich clients often kept accounts at both UBS and Credit Suisse, so as not to place all their eggs in one basket. In previous quarters, UBS had reported significant inflows, as it benefited from Credit Suisse clients looking for safer alternatives. SWISS BANK'S FUTUREMany bank watchers are waiting to see what UBS does with Credit Suisse's "crown jewel" - its Swiss arm. The huge figure largely reflects a one-off boost to the bottom line from UBS buying Credit Suisse for a fraction of its value.

Persons: Ralph Hamers, Sergio Ermotti, Colm Kelleher, Stefan Wermuth, Rich, Benjamin Goy, Ermotti, Keefe, Thomas Hallett, Noele, John O'Donnell, Tomasz Janowski Organizations: UBS Group AG, UBS, REUTERS, Rights, Credit Suisse, SUISSE, Suisse's, Swiss, Deutsche Bank, UBS's, CORE UNIT UBS, Suisse, Thomson Locations: Zurich, Switzerland, SWISS, Swiss, Woods

☆ UBS, Swiss finance blog settle Credit Suisse legacy lawsuit
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

The logo of Swiss bank UBS is seen at the company's office at the Bahnhofstrasse in Zurich in this July 1, 2009, photo. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Aug 29 (Reuters) - UBS (UBSG.S) and Inside Paradeplatz have settled a lawsuit initially brought against the popular Zurich based finance blog by Credit Suisse, the publication said on Tuesday. A spokesperson for UBS confirmed that the Swiss bank and blog had settled the case. Credit Suisse launched a lawsuit against the blog, widely read in Swiss finance circles, in December over user comments left under posts. It is the second Credit Suisse case that UBS has resolved since taking over its former rival and inheriting its legal battles.

Persons: Arnd, Noele Illien, Friederike Heine Our Organizations: Swiss, UBS, Rights, Credit Suisse, Suisse, Archegos Capital Management, Thomson Locations: Zurich, Swiss, U.S

☆ Swiss Competition Commission examining UBS takeover of Credit Suisse
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: 1 min

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland, March 20, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsZURICH, Aug 28 (Reuters) - Switzerland's Competition Commission is looking into UBS's (UBSG.S) takeover of Credit Suisse, the authority said on Monday. In March, the Swiss government, central bank and financial regulator rushed through a rescue deal for Credit Suisse, resulting in the country's two largest banks merging. "We confirm that the Swiss Competition Commission is looking at the takeover of CS by UBS and will send FINMA her results probably by the end of September," the Commission's vice-director told Reuters. Reporting by Noele Illien, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Noele Illien, Friederike Heine Our Organizations: UBS, Credit Suisse, REUTERS, Rights, Swiss Competition Commission, CS, Thomson Locations: Zurich, Switzerland, Swiss

☆ Credit Suisse 1a Immo PK real estate fund to remain unlisted
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

The logo of Credit Suisse bank is seen outside its office building in Hong Kong, China March 20, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsZURICH, Aug 24 (Reuters) - The Credit Suisse 1a Immo PK real estate fund will remain unlisted and not floated in an initial public offering planned for the fourth quarter of 2023, the Swiss bank, which is now a subsidiary of UBS (UBSG.S), said on Thursday. "Due to the renewed fall in trading volumes on the market for listed Swiss real estate funds compared with the previous year; (an IPO) would likely have led to significantly higher volatility in the event of a stock exchange listing," Credit Suisse AG said. With UBS taking over Credit Suisse earlier this year and in the process of integrating its former rival, the decision would also give allow the newly formed real estate unit within UBS Asset Management to coordinate and refocus its offering. Reporting by Noele Illien; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, Noele Illien, Christopher Cushing Organizations: Credit, REUTERS, Rights, UBS, Suisse AG, Credit Suisse, Management, Thomson Locations: Credit Suisse, Hong Kong, China, Swiss

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

☆ UBS names 21 country heads across EMEA region -memo
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: 1 min

The logo of Swiss bank UBS is seen at the company's office at the Bahnhofstrasse in Zurich in this July 1, 2009, photo. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsCompanies UBS Group AG FollowZURICH, Aug 17 (Reuters) - UBS has appointed or confirmed 21 country heads across the EMEA region, according to an internal memo seen by Reuters on Thursday. Five of the positions will be filled by employees from recently acquired Credit Suisse, the memo sent to employees by executive board member Beatriz Martin said. Reporting by Noele Illien; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Beatriz Martin, Noele, Jason Neely Organizations: Swiss, UBS, UBS Group, Reuters, Credit Suisse, Thomson Locations: Zurich, EMEA

☆ UBS ends state guarantee granted over Credit Suisse rescue
▼ + stars: | 2023-08-11 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

The Swiss government provided 9 billion francs ($10.3 billion) of loss protection guarantees to UBS as part of the state-sponsored takeover of Credit Suisse earlier this year. UBS also said that Credit Suisse had fully repaid an Emergency Liquidity Assistance Plus (ELA+) loan of 50 billion francs to the SNB. "The early voluntary repayment could potentially also help in other matters, such as negotiating the retention of the Credit Suisse Swiss business, in our view," Citi analyst Andrew Coombs said. Credit Suisse and UBS also borrowed 168 billion francs from the SNB in various emergency liquidity schemes to ease the takeover. Government help included a guarantee of up to 9 billion francs for losses UBS might incur from the sale of Credit Suisse assets, beyond 5 billion francs that UBS agreed to cover itself.

Persons: Arnd, ELA, Andreas Venditti, Andrew Coombs, Switzerland's, Noele, Jacqueline Wong, Mark Potter Organizations: Swiss, UBS, REUTERS, Suisse, Credit Suisse, Swiss National Bank, Confederation, Credit Suisse Swiss, Citi, Reuters, Thomson Locations: Zurich, ZURICH, Swiss

☆ UBS tells employees: more milestones in CS merger to be announced Aug 31
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: 1 min

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. REUTERS/Denis Balibouse/File PhotoBERLIN, Aug 11 (Reuters) - UBS (UBSG.S) said in a memo to employees seen by Reuters on Friday that it would provide information on some more milestones it has reached in its merger with Credit Suisse as part of its second-quarter results on Aug. 31. "It should be clear to all of us that we still have a lot of work ahead of us to realize the full potential value from this transaction," according to the memo, which was sent as UBS said it had terminated its loss protection agreement with the Swiss government. Reporting by Oliver Hirt and Noele Illien, Writing by Miranda Murray; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Oliver Hirt, Noele, Miranda Murray, Kim Coghill Organizations: UBS, Credit Suisse, REUTERS, Reuters, Thomson Locations: Zurich, Switzerland, Swiss

☆ Winners and losers likely as Switzerland absorbs Credit Suisse layoffs
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +5 min

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. In Switzerland, up to 10,000 jobs could be affected with Zurich bearing the brunt if UBS goes ahead with its indicated preferred option of absorbing Credit Suisse and cutting overlapping jobs and operations. "The large banks have many highly paid very specialized roles, where frankly there is very little demand in the market outside UBS and Credit Suisse," he said. Job cuts at Credit Suisse will hit Swiss and foreign nationals on its payroll, which may mean some have to leave Switzerland if they can't find a new job. Swiss banks have been looking in particular to snap up relationship managers with strong client relationships and solid books.

Persons: Denis Balibouse, headhunter Fredy Hausammann, Hausammann, Adecco, Balz Stueckelberger, Sergio Ermotti, Lombard Odier, Marco Arnold, Giorgio Pradelli, Pradelli, EFG, Noele Illien, Susan Fenton Organizations: UBS, Credit Suisse, REUTERS, Reuters, State Secretariat, Economic Affairs, Arbeitgeber Banker, Swiss, EFG's, Thomson Locations: Zurich, Switzerland, Swiss, Europe, Zug

☆ UBS agrees to pay $388 million over Credit Suisse's Archegos failings
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

ZURICH, July 24 (Reuters) - UBS (UBSG.S) has been ordered to pay $388 million to British and U.S. regulators over Credit Suisse's dealings with private investment firm Archegos Capital Management, the Swiss bank said on Monday. The settlement is the first of several that UBS could have to pay after it last month closed its takeover of Credit Suisse, which was involved in a number of legal battles. Under the agreement, UBS is to pay the U.S. Federal Reserve $268.5 million and the UK's Prudential Regulation Authority 87 million pounds ($111.6 million). Reports ahead of time had suggested the U.S. regulator would impose a penalty of up to $300 million and the UK regulator would fine UBS up to 100 million pounds over the bank's dealings with Archegos. ($1 = 0.7797 pounds)Reporting by Noele Illien and John Revill; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Noele Illien, John Revill, Jan Harvey Organizations: UBS, Archegos Capital Management, Credit Suisse, U.S . Federal, Prudential, Archegos, Thomson Locations: ZURICH, U.S, Swiss

☆ Switzerland fights to contain forest fire near Italy border as winds pick up
▼ + stars: | 2023-07-18 | by ( Denis Balibouse | ) www.reuters.com time to read: +2 min

BITSCH, Switzerland, July 18 (Reuters) - Swiss firefighters on Tuesday were battling a forest fire that has forced more than 200 people to evacuate, and authorities warned winds were making the blaze difficult to contain. The fire broke out on Monday on the forested flank of a mountain in Bitsch in the Valais canton near the Italian border. An helicopter carries water to a wildfire on the flank of a mountain in Bitsch near Brig, Switzerland, July 18, 2023. REUTERS/Denis BalibouseThe situation could deteriorate further if winds grow stronger, said Adrienne Bellwald, spokesperson for the cantonal police. Its Federal Office for the Environment has warned forest fires could become more frequent, especially in summer, due to an increase in hot, dry weather caused by climate change.

Persons: Mario Schaller, Denis Balibouse, Adrienne Bellwald, Noele Illien, Emma Farge, Gabrielle Tétrault, Farber, Janet Lawrence, Conor Humphries, Bernadette Baum Organizations: Helicopters, REUTERS, Federal Office, Environment, Reuters, World Meteorological Organization, Thomson Locations: Switzerland, Bitsch, Valais, Brig, Europe, Asia, United States

[1/2] The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse//File PhotoBERN, July 13 (Reuters) - A Swiss parliamentary investigation into the role played by state institutions in the collapse and emergency rescue of Switzerland's second biggest lender Credit Suisse will take 12 to 14 months to complete, its president said on Thursday. The investigation committee is Swiss lawmakers' most powerful tool and this is only the fifth time such a parliamentary probe has been launched. It will also examine the role played by financial regulator FINMA as well as the Swiss National Bank. UBS (UBSG.S) agreed to buy Credit Suisse for 3 billion Swiss francs ($3.48 billion) in March after panicked customers withdrew cash from their accounts at the stricken lender.

Persons: Denis Balibouse, Isabelle Chassot, Noele Illien, John Revill, David Evans, Alexandra Hudson Organizations: Credit Suisse, Swiss, REUTERS, Suisse, Swiss National Bank, UBS, Alexandra Hudson Our, Thomson Locations: Bern, Switzerland, BERN, Swiss, Die Mitte, Zurich

☆ UBS looks to axe 30% of staff and keep Credit Suisse's domestic business - source
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

UBS could axe around 30% of its combined workforce, which has expanded to 120,000 following the state-brokered rescue earlier this year, that person told Reuters on Wednesday. UBS declined to comment, while Credit Suisse did not immediately respond to a request for comment. Such plans indicate that UBS wants to absorb Credit Suisse's domestic business, streamlining operations and cutting costs in the process, a controversial decision which could trigger concerns about the bank's domestic market dominance. Earlier this month, UBS Chief Executive Sergio Ermotti warned of painful decisions about job cuts following the takeover of Credit Suisse, but provided no numbers. Reuters reported last week reported that UBS will cut Asia investment banking jobs at Credit Suisse next month, with significant reduction in investment bankers covering Australia and China.

Persons: Sergio Ermotti, Oliver Hirt, Tomasz Janowski Organizations: UBS, Credit Suisse, Reuters, Wednesday, Bloomberg, Thomson Locations: Swiss, Zurich, Switzerland, Asia, Australia, China

☆ UBS to announce changes to next management level soon - CEO
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

ZURICH, June 27 (Reuters) - UBS (UBSG.S) will announce further changes to its management as it seeks to integrate Credit Suisse following the recent takeover of its former rival, the Swiss bank's chief executive said on Tuesday. UBS announced a raft of management changes shortly after it completed the takeover earlier this month. "Within the next 20 days we will announce the third level, so it means around 1,200-1,500 people will have clear responsibilities," he said. Ermotti said he was confident he will be able to give more details on the integration by the end of the summer. UBS has pushed back its second quarter results to the end of August.

Persons: Sergio Ermotti, Ermotti, Noele Illien, John Revill, Tomasz Janowski Organizations: UBS, Suisse, Zero, Credit, Thomson Locations: ZURICH, Swiss, Zurich

☆ SNB to launch digital currency pilot - chairman
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

ZURICH, June 26 (Reuters) - The Swiss National Bank (SNB) is to issue a wholesale central bank digital currency (CBDC) on Switzerland's SIX digital exchange as part of a pilot, the central bank's chairman said at a conference in Zurich on Monday. As opposed to wholesale CBDCs which use tokenised securities, the SNB has long been cautious about the use of public, or retail, CBDCs. Jordan said he was concerned about potential risks retail CBDCs could have for the financial system, while the use of them was more difficult to control. "We do not exclude that we will never introduce retail [CBDCs] but nevertheless we are a little bit prudent at the moment," he said. "It is the one way that retail households can hold central bank money," she said.

Persons: Thomas Jordan, Jordan, Andrea Maechler, Noele Illien, John Revill, Alison Williams, Mark Potter Organizations: Swiss National Bank, Switzerland's SIX, Zero, Thomson Locations: ZURICH, Zurich, Central, CBDCs, Switzerland

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