The Swiss National Bank (SNB) reported a profit of 1.7 billion francs for the first three quarters of the year, driven by gains in foreign currency positions and gold holdings. However, losses on Swiss franc positions, primarily due to interest on current account balances of Swiss banks, offset these gains. UBS economists suggest that the SNB would need to generate over 40 billion francs in profit in the final quarter for the federal government and cantons to consider profit distributions.

UBS extended a $9 billion credit line to Qatari Sheikh Hamad bin Jassim bin Jaber Al Thani, highlighting the growing importance of the Middle East in private banking. The deal, which increased an existing Credit Suisse facility by 50%, underscores UBS's commitment to maintaining strong ties with Qatar. The region's significance is bolstered by high energy prices and geopolitical influence, though it faces challenges such as the conflict in Israel. UBS has implemented travel restrictions and postponed events in response to the situation.

UBS has reportedly extended a $9 billion credit line to Qatari Sheikh Hamad bin Jassim bin Jaber Al Thani, highlighting the bank's continued engagement with the Middle East. This move follows UBS's acquisition of Credit Suisse, which had previously extended credit to Al Thani. The Middle East's growing importance in private banking is underscored by high energy prices and geopolitical influence, though regional conflicts pose challenges. UBS's actions reflect a strategic balancing act amid complex political dynamics.

UBS is eliminating all 147 investment banking positions at Credit Suisse in Spain, which includes investment bankers as well as back- and middle-office staff in Wealth Management. Despite these cuts, UBS has retained Credit Suisse's private banking operations in Spain and remains committed to the Spanish market, aiming to enhance its growth strategy and deepen product capabilities.

UBS is integrating senior research analysts from Credit Suisse amidst ongoing job cuts and restructuring. A total of 45 analysts are moving to UBS, enhancing its research capacity by 20% and enabling coverage of over 3,500 companies. This move is part of a broader integration effort, which includes forming a team of specialists from both banks to provide data analysis and advice for investment banking clients.

Temenos, a banking software provider, reported an 11 percent increase in revenues to $236.7 million in the third quarter, with software licensing growing by 25 percent. Adjusted EBIT was up 46 percent, and earnings per share increased by 61 percent. The company raised its full-year EBIT growth guidance to at least 8 percent and earnings per share to at least 7 percent. Free cash flow significantly increased compared to the previous year. Andreas Andreades will continue as interim CEO while the search for a new CEO, initially aimed to be completed by the end of the year, extends into the next year.

UBS has created a new team called Strategic Insights and Advisory, which includes specialists from Credit Suisse. The unit will utilize complex data sets and AI analytics to provide transaction insights to investment banking clients. James Arnold of UBS and Rick Faery of Credit Suisse will co-head the team, reporting to David Kostel and Christian Lesueur, UBS's global co-heads of investment bank coverage. The team will analyze data from $5.5 trillion worth of equity deals, including ESG capital mapping.

The Swiss fund market experienced a decline in the third quarter with muted market sentiment leading to losses and cash outflows, except for money market funds. Despite this, assets under management increased by 36.7 billion Swiss francs since the beginning of the year. UBS and Credit Suisse are the largest Swiss asset managers. Globally, asset management saw a significant drop in assets under management, with BlackRock leading followed by Vanguard and others. The Thinking Ahead Institute's research suggests investment managers face ongoing challenges with a higher-for-longer interest rate regime.

Andrea Orcel, CEO of Unicredit, is overseeing his first bank takeover with the acquisition of a 9 percent stake in Greece's Alpha Bank and a majority stake in its Romanian subsidiary. The deal, reported by the Financial Times, requires approval from the Greek government. This marks a significant move for Orcel, who has a history of involvement in major transactions during his tenure at UBS. Previously, Unicredit was rumored to be interested in Banco BMP, but no deal materialized.

JPMorgan celebrates nearly 60 years in Geneva by installing a neon sign on Rue du Rhône, symbolizing its commitment to the city. The bank, which employs nearly 1,000 people in Geneva, views the sign as a testament to its enduring presence and importance in the region. Peter Gabriele, the branch's general manager, highlights the firm's long-standing operations and its role as a key hub.

UBS is a lead partner in the Open Quantum Institute (OQI), which was launched in Geneva with partners including GESDA, CERN, the Swiss Federal Department of Foreign Affairs, ETH Zurich, and EPFL. The foundation will focus on quantum computing projects that contribute to the United Nations Sustainable Development Goals, with UBS providing financial support and strategic expertise. Christian Bluhm, UBS Group Chief Risk Officer, joins the advisory board, emphasizing Switzerland's role in the quantum computing field.

Julius Baer International is expanding its presence in the UK by hiring three experienced wealth managers from UBS to establish a new office in Newcastle. The new hires, Aidan Dunstan, Alison Lander, and Stacey Kirby, bring extensive experience in wealth management and private banking. UBS Global Wealth Management has responded by hiring Allister Hogg, a former professional rugby player, and Marcus Stewart to strengthen its Newcastle office. Julius Baer International CEO David Durlacher emphasized the firm's commitment to the North East region and the UK, with the new office being a significant step in their expansion strategy.

Bjørn Sibbern will join the Group Executive Board of Swiss financial infrastructure provider SIX, heading its exchange business starting January 1. He brings extensive experience from his roles at Nasdaq, including leading European Markets and various other positions. Sibbern will oversee the Swiss and Spanish exchanges at SIX, as well as the SDX digital exchange. He succeeds Thomas Zeeb, who left earlier this year.

The Swiss Financial Market Supervisory Authority (Finma) has elected new members to the Swiss Takeover Board for its next term. Mirjam Eggen will continue as chair, with Jean-Luc Chenaux as vice-chair. Beat Fellmann remains a member until 2025, while Lionel Aeschlimann steps down at the end of the year due to term limits. The new board will include Isabelle Chabloz, Franca Contratto, Mario Rossi, Thomas Vettiger, and Hans-Peter Wyss.

UK-based Liontrust experienced significant asset outflows of £1.6 billion during its attempted takeover of Swiss asset manager GAM, with assets under management falling to £27.5 billion by mid-October. Despite a fair offer, Liontrust's bid failed to secure the necessary shareholder support, achieving only 33 percent. The takeover was contested by an investor group led by Newgame and Bruellan, with involvement from Xavier Niel, who believed GAM was undervalued. The Swiss Takeover Board approved a partial offer from Newgame and Bruellan. Liontrust's CEO John Ions stated that the lessons learned would lead to restructuring and efficiencies within the company. Meanwhile, GAM shareholders appointed a new board of directors.

Piguet Galland, a private bank in western Switzerland, has strengthened its private client team by hiring seven new advisors from Credit Suisse and UBS. The new hires, who will serve clients in Lausanne, Neuchâtel, Nyon, and Geneva, bring decades of experience to the bank. This move aligns with Piguet Galland's growth ambitions and strategic goal of expanding its local presence.

Partners Group, a private equity firm based in Zug, Switzerland, reported a 19 percent increase in first-half profits, driven by a significant surge in performance fees. The firm saw profits rise to 551 million Swiss francs, with performance fees increasing by 270 percent to 265 million francs. Despite a slight decline in management fee income, the firm experienced an 8 percent increase in assets under management, reaching $141.7 billion. Executive chairman Steffen Meister and CEO David Layton expressed confidence in meeting their full-year fundraising guidance and emphasized the evolving nature of the private equity model in the current macroeconomic environment.

The Bank for International Settlements and the central banks of France, Singapore, and Switzerland have completed Project Mariana, which tested cross-border trading and settlement in wholesale central bank digital currency (wCBDC) using decentralized finance concepts on a public blockchain. The project, developed by BIS Innovation Hub centers and the respective central banks, successfully tested trading and settlement between simulated financial institutions with hypothetical wCBDCs in Swiss francs, euros, and Singapore dollars. The initiative is experimental and does not indicate an intention to issue wCBDC or endorse DeFi or any specific technology.

Formula One impresario Bernie Ecclestone pleaded guilty to criminal tax fraud, concealing £400 million from British tax authorities. The case, involving assets held at Julius Baer in Singapore, concluded with Ecclestone receiving a 17-month suspended prison sentence and agreeing to pay £652.6 million in taxes, interest, and penalties. His lawyer described the incident as an impulsive lapse of judgment.

The Bank for International Settlements and the central banks of Singapore, France, and Switzerland have completed Project Mariana, which tested cross-border trading and settlement in wholesale central bank digital currency (wCBDC) using decentralized finance concepts on a public blockchain. The project, developed by BIS Innovation Hub centers and the respective central banks, successfully tested trading and settlement between simulated financial institutions with hypothetical wCBDCs denominated in francs, euros, and Singapore dollars. The project is experimental and does not indicate any immediate plans to issue wCBDC or endorse specific technologies.

UBS is exiting its municipal bond issuance business in the US, leading to staff cuts. The decision follows declining issuance activity and criticism from Republican politicians over the bank's fossil fuel investments, particularly in Texas, which has boycotted UBS. UBS plans to shift its focus to alternative solutions and areas with increasing client demand.

Liontrust, a British fund house, faced a significant setback with its failed takeover bid for Swiss competitor GAM. The company is also struggling in its own business, reporting asset outflows of £1.6 billion in the last quarter, leading to a 6% drop in managed assets. The Swiss Takeover Board approved a counteroffer from an investor alliance including Newgame and Bruellan, which has since begun restructuring GAM. Liontrust's market value has halved, reflecting the dual impact of the failed bid and internal financial challenges.

Francesca McDonagh, former COO of Credit Suisse and ex-Bank of Ireland boss, joins Universal Investment as CEO starting January 1. She will focus on expanding the company's geographical reach and M&A business. Universal Investment, backed by Montagu and CPP Investments, aims to grow its client base and presence in key European fund domiciles. McDonagh's leadership at Credit Suisse and the Bank of Ireland is highlighted, along with her role in integrating Credit Suisse into UBS Group.

Francesca McDonagh, former COO of Credit Suisse and ex-Bank of Ireland boss, joins Universal Investment as CEO starting January 1. She will succeed interim CEO David Blumer, who will return to his role as chairman. McDonagh's new role will focus on expanding Universal Investment's geographical reach and M&A business. Universal Investment, backed by Montagu and CPP Investments, has been growing organically and through acquisitions, increasing its presence in key European fund domiciles.

Capital Group has appointed Benno Klingenberg-Timm as head of institutional clients in Europe and Asia, based in Singapore. Klingenberg-Timm, previously with UBS Asset Management, will report to Guy Henriques. Capital Group is ranked as the 8th largest manager of pensions and investments globally, while UBS is ranked 10th.

Georg Schubiger and Christel Rendu de Lint will lead Vontobel as Co-CEOs starting January 1, succeeding Zeno Staub, who is stepping down to engage in Swiss civil society. Schubiger, head of Wealth Management, and Rendu de Lint, head of Investments, will continue in their current roles while assuming their new positions. Staub will support the transition until the General Meeting of Shareholders in April. Additionally, Marko Roeder, head of Asset Management, will step down for personal reasons and seek a new role within or outside the Group.

UBS and ICBC are in discussions to collaborate on banking, wealth, and asset management, having signed a memorandum of understanding to explore opportunities in Chinese and overseas markets. The collaboration will focus on product development, client coverage, global market trading, investment, research, and asset custody. ICBC remains the world's leading banking brand, significantly surpassing the brand values of UBS, Credit Suisse, and Julius Baer. UBS's acquisition of Credit Suisse included a 20 percent stake in ICBC Credit Suisse Asset Management Company.

Annika Falkengren, a partner at Lombard Odier and former head of SEB, will leave the Geneva-based banking group at the end of the year. She will be succeeded by Alexandre Meyer, pending approval by the Swiss Financial Market Supervisory Authority. Falkengren, who joined Lombard Odier in 2017, is stepping down to pursue board memberships, which are incompatible with operational roles at the bank. Her departure is part of a smooth financial transition, with new partners taking over her shares. Falkengren was instrumental in streamlining operations and leading the '1Roof' project for the new Geneva headquarters.

The Basel Committee on Banking Supervision has announced a plan requiring banks to disclose their cryptocurrency holdings, following the collapse of several large crypto firms and US banks Signature and Silicon Valley Bank. The committee aims to prevent potential contagion within the financial system by introducing comprehensive disclosure requirements for banks' exposure to cryptocurrencies, complementing existing capital requirements for digital assets.

Following the decision to fully integrate Credit Suisse's Swiss business into UBS, both banks will undergo a board restructuring starting next month. Roger von Mentlen will become chairman of both boards to ensure coordinated supervision during the transition. Von Mentlen, with over 40 years at UBS, succeeds Markus Ronner and Peter Derendinger. The legal merger is expected to be completed next year.

Dewet Moser, a long-serving deputy member of the Governing Board of the Swiss National Bank (SNB), is retiring at the end of March next year. Moser, who has been with the SNB since 1986, has held several key positions, including setting up the SNB's risk management and serving as operational manager of Department III. In his recent role, he was responsible for the operational resilience of the financial sector and financial stability.

Laura Hemrika, former global head of Corporate Citizenship & Foundations at Credit Suisse, has been appointed as the new CEO of the Julius Baer Foundation. She succeeds Nathalie Jean-Baptiste, who served as interim head following Christoph Schmocker's departure. Hemrika brings over two decades of experience in philanthropy, sustainability, and impact investing. The Julius Baer Foundation, established in 1965, focuses on supporting arts, culture, sciences, and charitable causes, with recent efforts aimed at combating inequality in living standards and education.

VP Bank's chairman, Thomas Meier, will not stand for re-election at the upcoming annual general meeting after six years in the role. The early announcement aims to facilitate a smooth transition and successor search. Meier, who joined the board in 2018 and became chairman in 2020, significantly influenced the bank's strategic development. The board expressed regret over his decision, with an official farewell scheduled for April 26.

Zuercher Kantonalbank is adjusting its remuneration model starting in 2024, capping variable compensation at 2022 levels despite a profit increase in 2023. Fixed salaries will be adjusted to be more market-oriented. The changes aim to meet owner demands and maintain the bank's successful model. The bank council reviewed compensation at all levels with external experts.

Investors associated with Newgame have received regulatory approval from the Swiss Takeover Board to proceed with their partial offer to acquire up to 28 million shares in the Swiss fund house GAM. This approval allows Newgame and Bruellan to increase their stake in GAM from 9.6 percent to over 10 percent, following their July offer to buy 17.5 percent of outstanding shares for approximately 15.4 million francs.

J. Safra Sarasin has bolstered its bond capital markets business by hiring a team of ten experts from Credit Suisse, including specialists in syndication, origination, sales, trading, and transaction advisory. The team, based in Zurich, brings over two decades of experience in fixed-income capital markets and aims to cover the entire value chain for issuers and investors.

Former UBS executive Tom Naratil praises current UBS CEO Sergio Ermotti as the ideal leader to handle the integration with Credit Suisse, likening it to a perfect Hollywood casting moment. Naratil, who retired in October 2022 after a long tenure at UBS, has now joined Lightyear Capital as an operating partner. He also commends UBS's chairman Colm Kelleher and the experienced board team.

Swiss Finance Minister Karin Keller-Sutter will be questioned by the Parliamentary Commission of Inquiry regarding the collapse and subsequent forced takeover of Credit Suisse by UBS. The investigation, which begins this Thursday, will examine the circumstances leading up to the bank's downfall, the rescue efforts, and the sale to UBS. The commission's findings, expected by early March, are highly anticipated by both politicians and the banking industry.

UBS has successfully stabilized Credit Suisse's business following the bank run in March, with significant new money inflows recorded in the second quarter. UBS reported a record $18 billion in new deposits, with positive momentum continuing into the third quarter. The Global Wealth Management division, led by Iqbal Khan, saw the highest net new money inflow in a second quarter over the past decade. However, the Americas region experienced outflows. UBS aims to achieve a cost-to-income ratio of less than 70% and a return on equity of 15% by 2026.

The Swiss asset manager GAM is undergoing a leadership change as Elmar Zumbuehl, a veteran of the company, is nominated to become CEO following the withdrawal of Randel Freeman due to family circumstances. The investor group NewGAMe and Bruellan, which controls 9.6 percent of GAM's share capital, is committed to providing financial stability, with Rock Investment SAS offering up to 100 million Swiss francs in funding. Regulatory approvals are being sought to allow NewGAMe to hold up to 30 percent of GAM's share capital, with initial approval already received from the Swiss Financial Market Supervisory Authority.

A Russian appeals court has authorized the seizure of $20.9 million in funds and nearly 100 percent of shares from Credit Suisse's Russian subsidiary. The ruling follows an appeal by Gazenergobank against a previous decision by the Moscow Arbitration Court. The court's decision also prohibits Credit Suisse from selling shares in unaffected companies. This legal action is part of broader measures introduced by Russia after its invasion of Ukraine, restricting foreign banks from severing ties with Russian entities without permission.

Former UBS executive Tom Naratil praises current UBS CEO Sergio Ermotti as the ideal leader to handle the integration with Credit Suisse, likening it to a perfect Hollywood casting moment. Naratil, who retired from UBS in October 2022 after a long tenure, has now joined Lightyear Capital as an operating partner. He also commends UBS's chairman Colm Kelleher and the experienced board team.

The Swiss National Bank (SNB) is expanding its liquidity provisions to include all banks in Switzerland, allowing them to obtain liquidity against mortgage collateral. This initiative, initially launched in 2019 and piloted last year, aims to ensure banks can quickly access significant liquidity if needed. The program, announced by SNB vice chairman Martin Schlegel, is a response to recent banking sector events, including the failure of Credit Suisse. The initiative focuses on mortgages, the most significant illiquid balance sheet item, and involves a digital process developed with SIX Terravis. The SNB expects broad participation from banks, enhancing financial stability and resilience in Switzerland.

A Moscow appeals court has authorized the seizure of $20.9 million in funds and nearly 100% of shares from Credit Suisse's Russian subsidiary, following an appeal by Gazenergobank. This decision comes after Russia's introduction of a law requiring foreign banks to obtain permission to terminate ties with Russian companies post-Ukraine invasion. Credit Suisse and its parent UBS are barred from selling shares in their Russian subsidiaries, reflecting ongoing legal and financial challenges for foreign banks operating in Russia.

Zwei Wealth, a Zurich-based financial boutique, has launched its Wealth Office services in the UK, marking its first international expansion. The platform has connected with eleven banks and asset managers in the UK and anticipates growing its customer portfolio to over 50 by the end of the year. The company has received a better-than-expected response in the UK. Zwei Wealth is considering further expansion into Germany and potentially Singapore next year, according to co-founder and CEO Patrick Mueller.

The US Department of Justice is expanding its investigation into Credit Suisse and UBS over suspicions of sanctions violations by Russian clients. The probe focuses on compliance with sanctions imposed after Russia's annexation of Crimea in 2014 and the invasion of Ukraine in 2022. The investigation is in its early stages, with no charges filed yet. US officials have criticized Switzerland for not adequately enforcing sanctions. Credit Suisse, known for its extensive Russian business, managed significant funds from Russian clients, which were reduced after the Ukraine invasion. UBS retained key Credit Suisse personnel for their Russian expertise during the integration process. Sanctions violations can result in severe penalties, as evidenced by BNP Paribas's $8.97 billion fine in 2014 for violating US sanctions related to Sudan.

Julius Baer has set up a desk in the Dubai International Finance Center to strengthen its business with external asset managers and independent financial advisors, leveraging its early presence in the region. Marc Haefeli, a twelve-year veteran at Julius Baer with extensive experience in the Middle East, will lead the desk. New hires Aakanksha Raizada and Pebin Muriyamadom, previously with Credit Suisse Dubai and LGT Dubai respectively, have joined as relationship managers.

Vontobel announced that Georg Schubiger and Christel Rendu de Lint will become Co-CEOs, effective January 1, replacing Zeno Staub. Concurrently, Marko Roeder, once considered a potential CEO successor, has decided to step down from his role as head of Asset Management for personal reasons, with plans to assume a new position within or outside the Vontobel Group. Roeder had been with Vontobel for over a decade, contributing to its expansion as a global provider of actively managed investment solutions.

Georg Schubiger and Christel Rendu de Lint have been appointed as Co-CEOs of Vontobel, effective January 1, succeeding Zeno Staub who is stepping down to engage more in Swiss civil society. Schubiger has been with Vontobel since 2012, while Rendu de Lint joined in May 2021. Both will continue their current roles alongside their Co-CEO duties, and Staub will support them until the General Meeting of Shareholders on April 9. Their appointments are pending regulatory approval.

HSBC's Swiss-based private banking arm has hired Aladdin Hangari as the head of global private banking for the Middle East and North Africa, succeeding Sobhi Tabbara. Hangari, along with Patrick D'Amico, Christian Hiller, Thomas Schaad, Simon Aeschlimann, and Kouroche Achtari, all former Credit Suisse employees, will join HSBC to expand its business with ultra-high-net-worth clients in the Middle East and Swiss-based international clients.

The forced takeover of Credit Suisse by UBS for $3.3 billion has led to numerous legal challenges, with claims for damages already around $9 billion. British law firm Pallas is initiating proceedings in Switzerland over the write-off of mandatory convertible bonds, while Quinn Emanuel is considering a lawsuit in the United States. Several law firms are also filing arbitration proceedings at the International Center for Settlement of Investment Disputes in Washington, DC. The legal ramifications of Credit Suisse's emergency bailout are becoming global, with lawsuits filed in Switzerland and potential actions in the US.

UBS and China's ICBC are in discussions to collaborate on banking, wealth, and asset management. They signed a memorandum of understanding to explore product development, client coverage, global market trading, investment, research, and asset custody. ICBC remains the world's leading banking brand, significantly surpassing UBS, Credit Suisse, and Julius Baer in brand value. UBS's acquisition of Credit Suisse included a stake in ICBC Credit Suisse Asset Management Company.

UBS is exploring the sale of Credit Suisse's Chinese brokerage business, contacting firms like Warburg Pincus and Citadel Securities. Bids are expected to start at one billion yuan ($137 million). UBS, already holding a securities firm in China, cannot hold two licenses for the same business. Warburg Pincus has not made an offer, and Citadel declined to comment. UBS CEO Sergio Ermotti stated the bank is still reviewing its options. The move comes as both UBS and Credit Suisse have been expanding in China's financial sector, which has been opening up in recent years. Regulatory rules prevent a company from being a majority shareholder in more than one securities firm.

The forced takeover of Credit Suisse by UBS for 3 billion Swiss francs has led to numerous legal challenges, with claims for damages already around $9 billion. British law firm Pallas is initiating proceedings in Switzerland over the write-off of mandatory convertible bonds, while Quinn Emanuel is considering a lawsuit in the United States. Several law firms are also filing arbitration proceedings at the International Center for Settlement of Investment Disputes in Washington, DC. The legal ramifications of Credit Suisse's emergency bailout are becoming global, with lawsuits filed in Switzerland and potential actions in the U.S.

Brazilian-Swiss private bank J. Safra Sarasin has opened a new branch in Paris, led by Stéphane Pardini. The Paris office, which began operations in early September, aims to serve high-net-worth French individuals, families, and institutions. This move aligns with the bank's strategy to expand its presence in core European markets.

HSBC's private banking subsidiary in Geneva and Zurich has hired several bankers from Credit Suisse to expand its Middle East business. Aladdin Hangari is appointed as head of Global Private Banking for MENA, succeeding Sobhi Tabbara. Patrick D'Amico becomes Global Market head of Qatar, with Christian Hiller, Thomas Schaad, and Simon Aeschlimann joining as relationship managers. Kouroche Achtari is appointed market manager for international clients in Switzerland. These appointments aim to strengthen HSBC's services to Swiss-based UHNW clients and family offices.

Tobias Wehrli has been appointed as the new CEO of EFG Bank von Ernst in Liechtenstein, a subsidiary of EFG International. He succeeds Daniel Taverna, who now becomes head of private banking in Liechtenstein at EFG. Wehrli, with nearly three decades of experience, previously worked at VP Bank and St. Galler Kantonalbank. He will report to Franco Polloni and focus on strengthening EFG's position in Liechtenstein and expanding the business.

Edmond de Rothschild Asset Management has appointed Fatima Asad-Bakhtiari as managing director and head of sales for the Middle East. Based in Dubai, she will focus on developing relationships with institutional clients in the Gulf Cooperation Council countries. Asad-Bakhtiari previously worked at Wells Fargo Asset Management.

UBS denies knowledge of a US Department of Justice investigation into alleged compliance failures related to helping Russian clients evade sanctions. The DOJ has requested information from UBS and Credit Suisse regarding the handling of accounts of sanctioned clients, but no employees or executives have been questioned. The investigation is in its early stages, and it is unclear whether charges will be filed. Both banks have reduced their exposure to Russia and are not conducting new business with Russian clients.

VT5, the first Swiss special purpose acquisition company (SPAC), has entered exclusive negotiations for a potential merger with R&S Group, a supplier of electrical infrastructure components. The merger aims to be completed by the end of the year, with VT5 planning a capital increase. R&S Group, headquartered in Sissach, Switzerland, operates production sites in Switzerland, Italy, Poland, and the Middle East. VT5 was listed on the SIX Swiss Exchange in December 2021 with the goal of finding a suitable takeover candidate within a year.

The Swiss National Bank (SNB) is adjusting the rules for interest on sight deposits to reduce interest rate costs. Banks will receive interest at the full rate of the current key interest rate for a smaller proportion of their sight deposits. The adjustments, effective December 1, include reducing the factor limit for the graduated interest rate on sight deposits and ceasing interest on deposits held to meet reserve requirements. These changes aim to ensure effective monetary policy implementation and cost reduction without altering the current monetary policy stance.

Sarah Youngwood, previously deemed surplus in UBS's management under CEO Sergio Ermotti, has been appointed as the new CFO of Nasdaq, effective December 1. Youngwood, who had a brief tenure at UBS following a long career at J.P. Morgan, replaces Ann Dennison. Her departure from UBS followed the bank's acquisition of Credit Suisse. Nasdaq, under CEO Adena Friedman, is undergoing a reorganization to strengthen its position in the fintech sector, including recent strategic appointments and the acquisition of fraud detection specialist Verafin for $2.75 billion.

The collapse of Credit Suisse has triggered significant shifts in the Swiss wealth management industry, with competitors like UBS, Julius Baer, and EFG aggressively seeking to attract former clients and talent. UBS is working to regain lost funds, while Julius Baer aims to double its assets under management by 2030. The Middle East, particularly Dubai, is emerging as a key region for expansion due to its wealth and favorable visa policies. Cantonal banks are also benefiting from the current market instability, attracting clients seeking stability. This period is seen as a rare opportunity for wealth managers to expand their client base and assets under management.

The Financial Stability Board's report on the Credit Suisse crisis highlights that alternative options, including liquidation, were available but ultimately a bailout through UBS was chosen. The report defends Switzerland's decision, stating that the international resolution framework was sound and could have handled the situation without market panic, though public funds would still have been necessary. The Swiss financial market regulator Finma considered liquidation a last resort. The FSB concludes that the measures taken stabilized the situation and ensured financial stability.

Swiss bank UBS is restructuring its Middle East wealth management division, appointing Niels Zilkens as the new head and Bruno Daher as the division's chairman. Zilkens, with extensive experience, is expected to drive strategic growth and customer retention. Christine Novakovic expressed confidence in Zilkens' leadership. Daher, previously with Credit Suisse, had a controversial management style that led to employee departures. UBS CEO Sergio Ermotti emphasized the bank's focus on strategic aspects and winning back customers.

British asset management company Abrdn is selling its European-based private equity business to Nasdaq-listed Patria Investments, which operates primarily in Latin America. This follows a strategic review of its Alternatives business, with proceeds to be reinvested in its core investment operations. Previously, Abrdn sold its US private equity business to High Vista Strategies and divested its UK wealth management business to LGT Bank.

The collapse of Credit Suisse has triggered significant shifts in the Swiss wealth management industry, with competitors like UBS, Julius Baer, and EFG aggressively seeking to attract former Credit Suisse clients and talent. UBS is working to regain lost funds, while Julius Baer aims to double its assets under management by 2030. The Middle East, particularly Dubai, is emerging as a key region for expansion due to its wealth and favorable visa policies. State-owned Cantonal banks are also benefiting from the current instability, attracting clients seeking safer investment options.

German fintech company Raisin appoints former UBS board chairman Axel Weber to its advisory board, with expectations that he will chair the board. Raisin, which operates in multiple countries, has seen significant growth, increasing its assets under management to 50 billion euros this year. Weber, who also advises German asset manager Flossbach von Storch and Boston Consulting Group, replaces former Georgian prime minister Lado Gurgenidze. Co-founder and CEO Tamaz Georgadze attributes part of the company's growth to rising interest rates and a substantial contribution from US customers.

Julius Baer, headquartered in Zurich, has hired four experienced private bankers to serve Asia Pacific clients from Switzerland. Fernando Kresna Baay, formerly of Credit Suisse and Citi Private Bank, will lead the team, joined by ex-Credit Suisse managers Abraham Ara and Jacqlyn Mak. Additionally, Christophe Amadieu, previously with UBS, will join as a senior relationship manager. The appointments underscore Julius Baer's commitment to expanding its Asia coverage from Switzerland, as confirmed by APAC Switzerland head Christian Cappelli.

The Financial Stability Board's report on the Credit Suisse crisis highlights that alternative options, including liquidation, were available but ultimately a bailout through UBS was chosen. The report defends Switzerland's decision, stating that the international resolution framework was sound and could have handled the liquidation without market panic, though public funds would still be needed. The Swiss financial market regulator Finma considered liquidation a last resort. The UBS takeover stabilized the situation, allowing Credit Suisse to continue operations and limiting economic disruption, though AT1 bondholders incurred losses.

Union Bancaire Privée (UBP) plans to increase its wealth management team in Asia by 50 percent this year, driven by strong growth potential in the region. The Geneva-based bank, which manages about $153 billion in assets, aims to expand its customer base in North and Southeast Asia. Most new hires will be based in Singapore, with others in Hong Kong. Despite China's economic slowdown, demand for financial services remains high among wealthy Chinese individuals. UBP has offices in China, Hong Kong, Singapore, Tokyo, and Taiwan.

Julius Baer has appointed Jack Wu, a former private banker from Standard Chartered, as group head for Greater China, based in Hong Kong. Wu brings over 30 years of banking experience, including significant roles at HSBC and Credit Suisse. This strategic hire underscores Julius Baer's commitment to the Greater China market, aiming to leverage Wu's expertise to drive business growth in the region.

Thomas Meier, the chairman of the board of directors at Liechtenstein private bank VP Bank, has decided not to stand for re-election after six years and two terms. The bank has announced the need to find a successor and aims for an optimal handover of staff. Meier's significant contribution to the bank's strategic development was acknowledged, and his official farewell will occur at the annual general meeting on April 26.

UBS is exploring the sale of Credit Suisse's Chinese brokerage business, contacting firms like Warburg Pincus and Citadel Securities. The bids are expected to start at one billion yuan ($137 million). UBS CEO Sergio Ermotti stated that the bank is still reviewing its options. The sale is influenced by Chinese regulations that prevent a company from being a majority shareholder in more than one securities firm. This move comes as international banks like JPMorgan and Goldman Sachs have fully acquired stakes in Chinese companies.

Investor group Newgame withdrew its appeal against the Swiss Takeover Board's ruling, leading to the dismissal of the appeal by Finma. The Takeover Board had previously ruled that a condition regarding the renewal of GAM's Board of Directors was inadmissible. The shareholder group, including Bruellan and Rock Investment, successfully elected all their proposed candidates to the GAM Board of Directors, defeating British asset manager Lionstrust.

Swissquote, an online bank, will have Nestor Verrier as its new COO starting January 1, succeeding the retiring Lino Finini. Verrier, with a 20-year career in banking, is currently the general manager of Swissquote Bank Europe. Swissquote oversees over 56 billion Swiss francs in assets and is part of Swissquote Group Holding, which is listed on the SIX Swiss Exchange and co-owns the fintech app Yuh with PostFinance.

UBS is integrating units from Credit Suisse, focusing on its traditional investment bank while reducing new business in Credit Suisse's Global Markets unit starting September 22. Existing Credit Suisse clients will need to transition to UBS for new activities. UBS aims to reduce investment banking's share of risk-weighted assets to 25% from the current 30%. The winding down of Credit Suisse's trading unit, a significant expense, could help UBS achieve its $8 billion savings target by 2027. UBS's second-quarter results, the first since acquiring Credit Suisse, may reveal plans for Credit Suisse's domestic business.

UBS is proceeding with its reorganization of investment banking, eliminating about a dozen jobs in the US as part of its integration with Credit Suisse. Many of the affected positions are in overlapping areas. UBS investment bankers in New York are set to move to the former Credit Suisse offices at 11 Madison Avenue.

UBS is undergoing a reorganization of its investment banking sector, leading to the elimination of about a dozen jobs in the US as part of its integration with Credit Suisse. The cuts primarily affect overlapping roles, and UBS is focusing on combining the strengths of both banks while winding down Credit Suisse's trading unit. Additionally, UBS investment bankers in New York are relocating to the former Credit Suisse offices at 11 Madison Avenue.

Annika Falkengren, a partner at Lombard Odier, will leave the firm at the end of the year, succeeded by Alexandre Meyer, pending regulatory approval. Falkengren, who joined Lombard Odier in 2017, is stepping down to pursue board memberships, which are incompatible with operational roles at the bank. Her departure is part of a smooth financial transition, with partner shares being passed on to new partners. Falkengren's contributions include streamlining operations and leading the '1Roof' project for the new Geneva headquarters.

An activist investor group, including Newgame and Bruellan SA, holding nearly ten percent of GAM shares, has nominated Randel 'Randy' Freeman as the new CEO for the Swiss asset manager GAM. Freeman's appointment is anticipated following GAM’s extraordinary general meeting around September 27, pending regulatory approval. His background includes roles at Sterling Strategic Value, Goldman Sachs, Banque Paribas, Centaurus Capital, and Fortress Investment Group.

Vontobel, a Zurich-based financial institution, is set to offer private market investments to its wealth management clients through a collaboration with Portfolio Advisors, a global private asset manager. This new service, starting next month, allows clients to invest in a fund with multiple strategies, marking Vontobel's first partnership with an international private markets specialist. Portfolio Advisors, which recently merged with FS Investments, manages $75 billion in assets and specializes in the US middle market across private equity, credit, and real estate.

Babak Dastmaltschi, a top banker known for managing the wealth of Russian billionaires at Credit Suisse, has been retained by UBS and is joining a newly created unit in their global wealth management business. Despite his past focus on Russian clients, UBS's decision to keep Dastmaltschi is likely due to his shift towards Middle Eastern and European clients since 2014. Credit Suisse, which holds over a third of Swiss-reported assets linked to Russia, has seen international private clients, particularly Russians, needing to find new banks due to the sensitive nature of the business. Following Russia's invasion of Ukraine, Switzerland has frozen assets linked to Russia and Belarus worth over 7.5 billion francs.

Switzerland's UBS reported a substantial $29 billion profit for Q2 2023, primarily due to negative goodwill from its acquisition of Credit Suisse, which continued to post losses. UBS announced the full integration of Credit Suisse's Swiss business, a move expected to have significant repercussions in the domestic finance sector. The integration aims to be completed by 2026, with anticipated cost savings of over $10 billion. UBS's Global Wealth Management saw modest revenue growth, while personal and corporate banking revenues surged due to higher interest rates. Despite geopolitical uncertainties, UBS expects positive net new asset flows and higher asset valuations to boost recurring income.

Geneva-based private bank Mirabaud reports a consolidated net profit of 19.2 million Swiss francs as of June 30, driven by a 9 percent revenue increase. The bank's assets under management were 31.2 billion francs, with income rising to 162.2 million francs for the first six months. Operating expenses increased slightly, resulting in an operating profit of 24.1 million francs. The Group's Tier 1 capital ratio remains strong at 20.3 percent, reflecting stable and prudent balance sheet management.

The article reports on the significant improvement in business sentiment in Germany for June as indicated by the Ifo Institute's business sentiment index. The index rose to 86.2 from a revised 79.7 in May, marking a record increase. Both current conditions and expectations components saw a rise, the first simultaneous increase since December of the previous year. The improvement was observed across major economic sectors including manufacturing, services, trade, and construction. Bundesbank President Jens Weidmann also provided insights, acknowledging the sharp recession but noting positive developments and a gradual recovery, with expectations for the economy to return to pre-crisis levels by the end of 2022. The next Ifo business sentiment report is scheduled for release on July 27.

The article by Marco Babic discusses the recent improvements in Germany's economic indicators according to the ZEW institute. The ZEW Economic Sentiment Index for Germany rose to 63.4 in June, indicating a more positive outlook and the first concurrent improvement in both current conditions and economic sentiment this year. Despite the current conditions index remaining negative at -83.1, there is a growing confidence that the economy may recover by summer 2020. Additionally, the Federal Statistics Office's Truck Toll Mileage Index showed a 6.1% increase, suggesting a correlation with a potential rise in industrial production. The article also mentions the IFO business sentiment index, which improved in May, with expectations for the June data to provide further insights into the economic trend.