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LATEST ARTICLES
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The good news is that bank executives don’t see big loan losses ahead; the bad news is that they lack the confidence and vision to invest in the business.
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Credit Suisse’s domestic bank was arguably the failed group’s best and strongest division. One year after the rescue, UBS is not the only one trying to feast on its domestic wealth-management and corporate-banking leftovers. Other Swiss and international players also hope to benefit from the longer-term fallout in Switzerland. Will the rush to pick up the remnants of the fallen champion pay off?
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UBS’s wealth-management business had already seen enviable performance over the 10 years since it set itself the ambition of being the world’s leading global wealth manager in 2012. But, with the acquisition of Credit Suisse, the last 12 months have seen it take another step forward.
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The UBS chief investment office’s sustainable and impact investing strategist wants to avoid measurement for the sake of measurement, but responding to client demand for more data while ensuring its readability remains a challenge.
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Chinese fintech Ant Group has offered UBS a reported $250 million for Credit Suisse’s China joint venture, outbidding Citadel Securities. It is a timely reminder that despite its current malaise, Asia’s largest economy is still a great long-term place to invest.
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The hard graft of integrating Credit Suisse still lies ahead, leaving UBS as a concept stock and hopeful investors looking through the efforts of the next three years.
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A $3.5 billion deal attracts $36 billion of demand, answering the question of whether Swiss banks can return to this market after Credit Suisse's collapse.
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UBS’s extended coverage across multiple time zones and consistent liquidity provision – even during challenging market conditions – has boosted its market share particularly in emerging-market options.
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The release of its new pricing and analytics platform for FX swaps, Neo STIR Analytics, has transformed how UBS engages with clients trading in FX swaps.
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Euromoney Foreign Exchange Awards 2023: Best bank services – best FX bank for wealth management: UBSUBS is recognised in the FX industry as a leading liquidity provider with a presence in all key trading centres around the globe. It is also the largest global wealth manager, with an unrivalled global footprint when it comes to accessing private clients. This has given UBS a unique opportunity that it has successfully capitalised on.
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UBS is a powerhouse in the FX industry with a strong reputation for liquidity provision.
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UBS has invested and innovated in its liquidity offering for the last 20 years – the result is its strong reputation for quality and reliability, particularly during periods of market dislocation.
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UBS's single-dealer platform, UBS Neo, has benefited from a full front-to-back transformation over the last four years, enabling the bank to offer clients access to consistent liquidity provisioning in foreign exchange across products and currency pairs.
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UBS’s financing business might not have the widest scope in the industry these days, nor does the bank top the debt and equity capital markets league tables, but what it does have is expertise that is unusually well tailored to the times. For its skill in responding to its target clients’ needs, and particularly those of financial institutions, it is our pick as western Europe’s best bank for financing.
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A bank’s sustainability strategy cannot exist without high-quality data. UBS has made it its mission to source the best.
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Euromoney receives the world's least necessary regulatory communication.
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UBS continues to assert its position as the Middle East’s best bank for wealth management. It won this award last year and the one before that – and the one before that. It is active in every important market, continues to expand its reach and innovates intelligently, introducing products tailored to regional clients’ specific needs.
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When Credit Suisse is taken over by UBS, it’s likely that the new parent’s appetite for structured private credit will be significantly different to that of the institution it is absorbing. Two banks in particular are waiting for the opportunity that follows.
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UBS’s acquisition of Credit Suisse will further reduce the number of large international private banks in Brazil. Julius Baer has been quick to take advantage of this.
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UBS will face pressure to spin off Credit Suisse’s Swiss bank and may yet lose more private-banking assets. Coping with this will make managing down illiquid and hard-to-value markets positions look easy.
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The two bank’s investment banking franchises look enticingly well-matched. But how much business and how many bankers will still be around after the merger?
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As soon as the ink was dry on the agreement to take over Credit Suisse, UBS chairman Colm Kelleher rushed to bring ex-CEO Sergio Ermotti back to run the bank and the deal. Execution risk is off the charts, and the nerves of shareholders, employees and taxpayers are jangling.
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Few things are at a greater premium in global markets than a knack for providing visibility, as well as the list of pitfalls to come. This was very much in demand in 2022 when tried-and-true yardsticks like yield spreads and stock valuations were out of sync.
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Following up on its recognition last year as Euromoney’s Best bank for wealth management in Western Europe in our Awards for Excellence, UBS is now recognised as the leader in the region for high net-worth individuals.
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UBS has long been seen as a leader in discretionary portfolio management.
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The echoes of 2014 have been loud in Brazil’s private banking industry over the past 12 months. A precipitous fall in interest rates – followed by a meteoric rise – has left the market completely the same but also very different.
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The Credit Suisse deal may have merely accelerated Hamers’ anticipated departure.
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What will UBS’s post-merger sustainable finance strategy look like?
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Hong Kong conference moves along. Nothing to see here.
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Will the fall of Credit Suisse be a seismic moment for private banking? Probably not – the reality is that wealthy clients need their financial advisers too much. Wealth is flighty for sure, but it usually alights nearby at a more stable lender.
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UBS shareholders might find plenty not to like in what seems at first glance like a great deal. The bank is making itself more complex at a time when creditors and investors put a premium on simplicity and focus.
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Droit helps traders decide in milliseconds if deals comply with the ever-changing rules and aims to do the same for wealth managers.
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AT1s rallied on news that UBS will redeem a key deal in January. But with refinancing costs higher than coupon re-sets, the pressure now passes to other big banks.
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This year has seen banks report markdowns on leveraged finance commitments and related exposures, something that is hardly surprising given what has happened to yields. But even with syndicates struggling to offload some high-profile big deals, the troubles seem oddly muted so far.
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Even as some wealth managers consolidate their regional presence, focusing on one or two core markets, UBS continues to expand across the Middle East, adding relationship managers and new offices. The result is a growing business and product range attracting more new wealthy clients.
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UBS reported a record year for its wealth management business in Latin America last year as the Swiss bank married regional presence with a distinctive global client proposition.
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Western Europe’s best bank for wealth management this year is UBS. In Euromoney’s private banking and wealth management survey for 2022 the Swiss bank held off a stern challenge from JPMorgan to be named once again as the leading provider in the region.
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Private companies are doing everything they can to avoid down rounds, raising new equity at lower valuations than past deals, but can’t hold the line for much longer.
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The results of this year’s Euromoney FX survey highlight the value of long-term strategic investment in forex.
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The first three months of the year have been tough for many investment banking business lines, but Europe’s banks are putting up a good fight against the might of the US firms.
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JPMorgan is named the world’s best wealth manager in Euromoney’s latest private banking and wealth management survey. It is testament to the US bank’s global strength in serving the wealthiest families, along with its drive to constantly transform itself and boost diversity as it hires the most talented relationship managers in core markets.
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Trading update does little to answer concerns around underlying performance and a slowdown in wealth management.
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Brought in to help clean up Credit Suisse, the high-profile Portuguese banker has been forced to quit to preserve what is left of its reputation.
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Ralph Hamers is quietly imposing his vision on UBS, axing senior titles to simplify the structure and eyeing a new US digital bank for affluent customers.
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The Morgan Stanley veteran is a sound pick, but is an old-school investment banker the right person to run the world’s largest wealth manager?
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A consensus that Evergrande’s failure will be more like the LTCM unwind than the Lehman bankruptcy could underplay ongoing challenges in hedging Chinese exposure.
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Adewale Ogunleye was rich and already retired from American Football when he learned what a basis point was. He’s now head of a new UBS wealth segment called Athletes & Entertainers that helps sports icons and singers plan their financial future.
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The great financial innovator shone again in global wealth management.
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A Royal Commission in Papua New Guinea has heard evidence that accuses UBS of exploiting the country in a complex 2014 loan, which it is claimed enriched the Swiss bank inappropriately and was awarded over the objections of the then-Treasurer of PNG. It will report its findings in September.
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UBS performed strongly again in Euromoney’s global private banking and wealth management survey in 2021. It topped the western Europe regional rankings for: best private banking services overall; serving mega high net-worth clients worth more than $250 million; family offices; business owners; and high net-worth clients with $5 million to $30 million to invest.
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No other wealth manager comes close to competing with UBS for this award. Again, the Swiss banking giant demonstrated its commitment to the region. During the awards period, it relocated its Dubai office to the heart of the Emirate’s financial district and opened a new wealth management office in Doha. UBS aims to hire about 20 people in Qatar by the end of 2020, but it has already made its biggest personnel move, bringing Tarek Eido from HSBC to oversee its onshore wealth business. Eido will report to head of wealth management, Middle East and Africa, Ali Janoudi.
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At the end of the first quarter of 2021, UBS’s Americas wealth management unit had more than $1.6 trillion in invested assets, up 34% on the previous year, a record for the firm. In a client satisfaction survey over the 12-month period of these awards, the bank scored 9.6 out of 10, based on 35,000 responses. And the division made a profit of $1.45 billion, another record.
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Numbers don’t tell you everything, but sometimes they shout pretty loud. Apac profits for UBS Global Wealth Management grew from $560 million in 2019 to $1.1 billion in 2020; a near doubling of profitability in the middle of a pandemic. Along the way invested assets in the region passed the $500 billion mark for the first time, hitting $560 billion by the end of the year, with $25 billion of net new money.
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This year’s FX survey reflects huge disruption and transition across the industry. Pandemic-driven technological advances saw traders tackle a surge in business while working remotely – supercharging change that will permanently alter the way the industry operates.
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The storms buffeting Credit Suisse represent big trouble for the Swiss bank. Its new chairman may install a new CEO and set a new strategic course, but with big European banks gearing up for consolidation, Credit Suisse just put itself on the block.
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The former Commerzbank chief executive and co-head of wealth management at UBS heads a strong team to help company founders with running a public company.
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Investment bankers head for the exit at Australian business.
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Recent reports by UBS and consultancy Bain set out to explain who China’s high net-worth individuals are, what kind of private banking services they want and how local and global lenders can best serve them.
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Less charismatic chief executives will serve Europe’s banks well in the 2020s – unless it simply means that more power will reside with their chairmen.
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UBS has applied to buy out two minority investors in its China joint venture, boosting its stake in Beijing-based UBS Securities to 67%. The bank’s strong and long-standing relationship with the owner of the other 33%, a division of Beijing local government, is a timely reminder that there is no one right model for success in China.
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Rob Karofsky will become sole president of the investment bank at UBS, ending his ‘odd couple’ partnership with co-president Piero Novelli.
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Must all former chief executives eventually form a special purpose acquisition company?
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UBS’s wealth management team had another stellar year despite the Covid crisis – and once again the Swiss lender takes the top spot in Euromoney’s private banking survey.
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Once a branch line of the banking industry, private banking and wealth management is now a driver in its own right. It offers a powerful way to grow income, valuations and returns. But the pressure is on as banks need to scale up or sell out.
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Despite Covid, it was a good year for UBS and its outgoing chief executive Sergio Ermotti. Now it’s time for his successor Ralph Hamers to show his hand.
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UBS’s strategy of creating emerging markets growth through partnerships is writ large in its joint venture with Banco do Brasil. Can the new entity become more than the sum of its parts?
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It is the time of year when global banks publish their wealth reports. This year they make for compelling reading. Euromoney takes the best of these reports and examines the outlook for 2021.
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Ralph Hamers’ project to centralize ING’s operations was flawed from the outset. Scrapping it is sensible, but a mark against his legacy.
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The outgoing CEO’s surprisingly good final results mean his successor has less room for manoeuvre.
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New Barclays-backed venture staffed by veterans of the Swiss firm.
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Environmental, social and governance factors are financially material and the time for debate is over – unless you’re Trump.
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The chairman of UBS seems determined to force a wave of European banking consolidation. A merger of his firm with Credit Suisse may not be possible, but other deals are likely.
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The Swiss bank stands apart from its peers. It helped its clients profit, both in the serene waters of 2019 and in the wake left by Covid-19 as it spread across the world in 2020
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The greatest wealth transfer in history is taking place, as baby boomers pass the mantle – and their money – to a lucky few millennials, but the process is strewn with obstacles. Inheriting a lot of money is one thing, knowing what to do with it quite another. This is where good relationship managers come in.
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A bold move by New Zealand’s Jarden to hire some of the finest talent in Australian investment banking and go it alone feeds the sense of a changing competitive landscape.
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The US’s PNC Financial Services and Royal Bank of Canada win the best bank accolades in their respective countries in this year’s Euromoney Awards for Excellence.
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Saudi Arabia’s Al-Rajhi is named the region's best bank in this year’s Euromoney Awards for Excellence.
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“During the first quarter our assets increased by 15% due to net new money, transaction revenues are up year over year 55%, our lending share has grown 25% compared to a year ago and our costs are down 1%,” says Ali Janoudi, head of Middle East and Africa for wealth management at UBS.
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Crédit Agricole takes the lead in Western Europe in this year's Euromoney Awards for Excellence.
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“I think this crisis has shown why being with a firm focused on wealth management as a primary business and having a global perspective matters to clients,” says Tom Naratil, co-chief executive of UBS global wealth management (GWM) and president of UBS Americas.
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After much restructuring in 2019 that saw the de-layering of management, regionalization of Europe, Middle East and Africa (EMEA), and streamlining of client segments, it wasn’t clear what the beginning of 2020 might look like for UBS in Western Europe.
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Just like the global financial crisis, Australia is emerging from Covid-19 more strongly than the rest of the developed world. Investment banks here have never been busier, raising huge sums of equity from one of the world’s largest asset pools. In the first of a two-part series on Australian investment banking, we look at the work that came out of a global pandemic.
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Everyone is hungry for data to help navigate the coronavirus crisis, but thorny questions remain about consent and privacy.
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Banks have been trying to rebuild trust since the global financial crisis. They have touted corporate responsibility and stakeholder capitalism as core tenets of their businesses. Covid-19 and the subsequent economic crisis will be a big test of their commitment.
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Global banks are finally getting full access to China’s capital markets. Regulators will let them own joint ventures outright as they roll out a host of services from forex to advisory to wealth management. For Beijing it’s a final frontier – and there’s no going back.
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Sell-side research is integrating alternative data to navigate the current coronavirus crisis. It’s the future for bank research, but it’s not an easy transition.
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The former UBS private banking chief leaves an impressive legacy across the wealth management industry.
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Freshly empowered European bank chairmen are making perplexing lurches as they search for new chief executives. A random CEO generator might help.
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Taking the top job at UBS is a great move for ING chief Ralph Hamers, but it’s less obvious for UBS.
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A few big banks in Germany, Switzerland and France pay the majority of the charges their central banks now levy on their reserves – Euromoney looks at which ones are worst affected and asks how they can manage the pain and maintain a conservative approach to liquidity and risk.