Golden Horn and Bosphorus at sunset, Istanbul, Turkey Matteo Colombo | Digitalvision | Getty Images Turkey came out miles ahead of the rest of the world in an annual global wealth ranking — in a result that may come as surprising, given the country’s high levels of inflation. “Türkiye stands out with a staggering growth … Read more
Younger, wealthy shoppers in Asia are splashing their cash on art, according to a longtime collector and senior auction house executive. Nicolas Chow, Sotheby’s chairman for Asia, said more than 40% of its buyers of contemporary art are millennials (born between 1981 and 1996), while Gen X (1965 to 1980) are also likely to be … Read more
Forget M&A league tables. Wall Street banks took to the chessboard over the past few days to decide who is the brightest. Turns out, none of them. Bankers and traders from companies including Goldman Sachs Group Inc., BlackRock Inc. and Deutsche Bank AG were beaten by players from online chess platforms Chessify and Chessmood in … Read more
The Credit Suisse Group AG headquarters in Zurich, Switzerland, on Thursday, Aug. 31, 2023. Bloomberg | Bloomberg | Getty Images A group of Credit Suisse bondholders filed a lawsuit against the Swiss government, seeking full compensation over the contentious decision to write down the failed bank’s Additional Tier 1 (AT1) debt. As part of Credit … Read more
The three keys USB logo is seen outside the London office of Swiss bank UBS in central London, on March 20, 2023. Daniel Leal | AFP | Getty Images LONDON — UBS on Thursday announced a shake-up of its executive board in the latest phase of a radical overhaul of the Swiss banking giant, following … Read more
From left to right: Johan Pihl, Doconomy’s chief creative officer and co-founder, and Mathias Wikstrom, chief executive officer and co-founder. Doconomy Swedish climate-focused financial technology startup Doconomy told CNBC on Thursday that it’s raised 34 million euros ($36.9 million) from leading European banks, including UBS and Commerzbank. Doconomy, which offers tools to help bank customers … Read more
Traders work on the floor of the New York Stock Exchange during morning trading on April 29, 2024 in New York City. Michael M. Santiago | Getty Images European stocks are now more attractive than their U.S. counterparts, according to Swiss Bank UBS, with factors such as economic data, interest rates and earnings playing a … Read more
Sergio Ermotti, CEO of Swiss banking giant UBS, during the group’s annual shareholders meeting in Zurich on May 2, 2013. Fabrice Coffrini | Afp | Getty Images Switzerland’s tough new banking regulations create a “lose-lose situation” for UBS and may limit its potential to challenge Wall Street giants, according to Beat Wittmann, partner at Zurich-based … Read more
The mammoth integration of failed bank Credit Suisse into its former rival UBS will act as a “case study,” UBS CEO Sergio Ermotti said Friday, one that will show that big bank mergers should be allowed. “It’s going to be a case study to be evaluated globally, but also particularly in Europe, where eventually the … Read more
Newly appointed UBS CEO Sergio Ermotti (R) speaks with UBS Chairman Colm Kelleher during a press conference in Zurich on March 29, 2023. Arnd Wiegmann | Afp | Getty Images UBS CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 after his surprise return at the helm of the Swiss banking giant, … Read more
