Europe

Swiss private banking giant UBS has retained the title of the world’s biggest private bank, according to annual report by wealth management researcher Scorpio Partnership, published today.

Although its assets under management (AUM) fell 1 per cent from 2014 to 2015, it still topped the global rankings, with US$1.74 trillion (S$2.34 trillion) at December 2015. Bank of America Merrill Lynch came in second, with AUM of US$1.444 trillion – down 2 per cent for the year, while Morgan Stanley was third with US$1.439 trillion, down 2.8 per cent. Switzerland’s second biggest bank Credit Suisse fell further behind Morgan Stanley in the ranking with a 7.2 per cent fall in its managed assets to $687.3 billion, the benchmark showed.

The Governor of the Bank of England Marl Carney decided to displace the analysts who were already positioned on a rate cut and a return, even, of a Quantitative Easing in the UK market: the final and official decision is to keep rates unchanged to a record low of 0.5% with a large majority even within the board that ultimately voted almost compact (8 to 1 the outcome) to maintain, at least until August, the status quo.

The result of the referendum is still too recent and especially unexpected, thus subject to strong emotion, to be able to afford to make decision

The supervisory authority of the Swiss Stock Exchange, SIX Exchange Regulation, has issued a warning against Addex Therapeutics in relation to the financial statements of 2014 and the first half of 2015, responsible for not having complied with the IFRS procedures.

The Federal Authorities of the Swiss Financial Market Supervisory Authority (FINMA) has launched a process of "Enforcement" against the former head of Asian Affairs of the BSI Hans Peter Brunner. The aim is to clarify the responsibilities in the matter of money laundering linked to Malaysian fund 1Malaysia Development Berhad (1MDB).

The Brexit effect may soon overturn its heavy impact on the labor market in London. While the UK economy is likely to fall into a recession, the employees of the City dearly the outcome of the referendum, with results that range, at best, from moving to another EU country to job loss.

Credit Suisse titled "Mayday! Mayday! "His latest note to clients in which he speaks of the danger of loss of well 500 thousand jobs because of Brexit. The feeling of the Swiss bank, also shared by many other analysts, is that the UK will end in recession as a result output by the European Union.

Hot Ecofin meeting for the Italian Finance Minister Padoan, who wanted to intervene in defense of the Italian system: "There is a perception of the Italian banking system that is totally distorted in terms of numbers, of suffering, of what you need to capitalize", and "the fact that someone says that is generated as high risk is totally unfounded."

Wealth is distributed in an unbalanced way in Switzerland: this is the Swiss Trade Union report (USS), according to which about 2% of the richest among the Swiss population holds just as much as the remaining 98%.

Low salaries have increased, but this increase is swallowed by a policy of inequality, more taxes and charges, while the higher wages took advantage of a lower tax burden, which since 2000 has fallen from 37% to 32 %. A policy "anti-social" in tax matters carried out by the public authorities has done nothing but reinforce this trend, according to the USS.

SIX Swiss Exchange has accepted the request to exit from the Stock Exchange of Zurich-based Kuoni Group. The tour operator had requested on June 14 withdrawal of all its registered shares with a nominal value of one franc.

The output from the stock exchange will take place at a date yet to be determined, said SIX in a statement. The exact term will be announced five days earlier.