FRANKFURT — Europe has taken a small step in its long march toward economic normalcy. The European Central Bank said on Thursday that it had pondered how to wind down its easy money policies, an enormous stimulus program aimed at promoting growth and inflation in the eurozone. But the bank also postponed a decision on…
John Cryan says bubbles are emerging in parts of market ahead of European Central Bank monetary policy meeting. It is time to start raising interest rates, the chief executive of Deutsche Bank has said, warning that bubbles are emerging in parts of the market. Speaking in Frankfurt, John Cryan said: “The era of cheap money in Europe…
France’s BNP Paribas harbors ambitious plans for its Swiss business: assets under management as well as profit are due to rise substantially thanks to a set of measures that includes cost cuts. Geoffroy Bazin, CEO of BNP Paribas Switzerland since 2013, on Friday presented the growth plan named «Swiss Forward». He presented the new strategy…
The U.K.’s biggest listed fund manager Schroders gobbles up a Swiss private equity pioneer, one that has been an important player on the Swiss market for more than two decades. It is financial sector history in the making: Schroders is taking over the Swiss private equity specialist Adveq, as disclosed Thursday by the British fund…
French banking group BNP Paribas has strengthened its wealth management division with multiple senior hires. These include appointment of Pierre Vrielinck as the new CEO of Asia Pacific, replacing Mignonne Cheng. Vrielinck has been working at BNP Paribas since 1998, previously holding various senior roles at the firm such as COO of BNP Paribas Switzerland,…
UBS customers won’t have to sign bank documents any longer. Switzerland’s biggest bank is introducing the digital signature UBS henceforth will allow its clients to sign legally binding documents electronically. Contracts in online banking will require the digital signature only, according to a report today by «Computerworld», which cited Andreas Kubli, head of multichannel management…
Swiss private bank EFG International has appointed Franco Polloni as head of Central Switzerland, Ticino and Italy region and a member of the executive committee. He will replace Renato Santi, who will leave the firm after the integration of BSI’s Swiss business into EFG, expected to take place in the course of April 2017. Polloni has…
UBS isn’t about to cave in a French offshore tax investigation: the Swiss bank is rejecting a billion-euro settlement with French authorities. Zurich-based UBS is negotiating a settlement to a long-running offshore investigation in France. The matter has become a question of honor for its private bank more than a purely economical one, as CEO Sergio Ermotti said in…
Swiss private bank Lombard Odier has reported a consolidated net profit of CHF124.5m for the year ended 31 December 2016. The group’s operating income was CHF1.04bn. Total client assets as of 31 December 2016 were CHF233bn, an increase of 4% compared to the last year. The growth was bolstered by net inflows of CHF5.2bn. Lombard…
Bloomberg has compiled a comprehensive list of the world’s 200 richest people, detailing their estimated assets, possessions, and net worth. Once again, Microsoft co-founder and renowned philanthropist Bill Gates tops the list with an estimated net worth of $85.9 billion. To put that in context, he would have to spend $2.3 million USD every single day…
