Swiss bank UBS could shed almost 30,000 workers in the years ahead due to technological advances in the banking industry, Chief Executive Sergio Ermotti said in a magazine interview.
Ermotti told Bloomberg Markets that “process-oriented” companies see scope to cut workforces in half through new technology but he believed the true number for banks was around half that.
Swiss private bank J. Safra Sarasin Group has agreed to buy Bank Hapoalim’s private banking businesses in Luxembourg and Switzerland, with offices in Zurich and Luxembourg, the Swiss group said on Tuesday.
"The agreement covers qualifying clients and their relationship management teams who are focused on private banking clients across Israel and Europe," it added in a statement. It gave no purchase price for the deal, which it said was set to wrap up in the first half of 2018 pending regulatory approval.
Northern Trust, an asset manager established in Chicago in 1889, has closed its acquisition of UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland, further underpinning its growth strategy for Continental Europe.
The acquisition positions Northern Trust as a leading administrator by assets in Switzerland and a top 10 asset servicing provider in Luxembourg. Northern Trust welcomes more than 200 new employees and establishes a new European office in Basel, Switzerland, as a result of the acquisition.
If peace of mind means strolling home past trees and flowers, a fat bank balance at your disposal, and with a secure job to head to the next day, then the best place to find it is Germany.
A new study, done by Zipjet, a home delivered laundry service, has revealed the world’s most and least stressful cities of 2017, based on factors including traffic levels, public transport, percentage of green spaces, financial status of citizens including debt levels, physical and mental health, and the hours of sunlight the city gets per year.
Expatriates moving to Switzerland, home to some of the biggest private banks, commodity traders and pharmaceuticals companies, earn an average of more than $193,000.
That’s the highest in the world and 54 per cent more than if they’d stayed at home, a study published Wednesday by HSBC. That boost in remuneration is only surpassed by the 58 per cent increase enjoyed by expats relocating to Saudi Arabia’s petrodollar economy.
The US has overtaken Switzerland as the world’s richest country in terms of wealth per household. On September 27, Allianz unveiled the eighth edition of its "Global Wealth Report", which puts the asset and debt situation of households in more than 50 countries under the microscope.
At the top of the list of the 20 richest countries (net financial assets per capita, see table), a changing of the guard occurred in 2016, with the United States capturing the top spot from Switzerland.However, its lead is razor-thin and some of the credit goes to a stronger dollar.
Finlantern’s Fiscal Forum, at its fourth edition, once again created an environment where enterpreneurs and investors were able to meet new potential clients, and in general create networking opportunities, but also learn the benefits of internationalization, and meet tax advisors.
Switzerland’s consumption improved in August thanks to robust new car registrations and encouraging numbers of hotel stays, data from the UBS investment bank showed Wednesday.
The consumption indicator rose to 1.53 points in August from revised 1.46 in July. The index suggested that consumption growth was slightly above the long-term average of 1.5%. The consumption indicator was altered after the Federal Statistical Office revised consumption figures for previous years in late August.
