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Marco Babic is a journalist based in Pfäffikon, Switzerland specializing in economics, central banks and statistics. Also translating from German into English.
Journalism
Finance
Portfolio
SNB Ekes Out a Nine Month Profit
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.
JPM Coin Tops $1 Billion in Daily Transactions
JPMorgan, a leader in financial technology, has achieved a milestone with its digital token, JPM Coin, processing $1 billion in daily transactions. The bank's global head of payments, Takis Georgakopoulos, emphasized the expansion of JPM Coin, which now supports euro payments alongside US dollars. Siemens was the first to process a euro payment using the token. JPM Coin operates continuously, offering advantages over traditional transactions, and is part of JPMorgan's broader blockchain initiatives, including a repo application and research into a deposit token for cross-border settlements.
The New UBS Also Bows to the Qataris
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.
The New UBS Also Bows to the Qataris
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 Cutting All of Credit Suisse's Spain Investment Bankers
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 Lays Out the Welcome Mat to More Credit Suisse Analysts
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 Lifts Guidance as it Seeks New CEO
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 Launches Investment Banking Data Analysis Team
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 Dissipating Momentum in Swiss Asset Management
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.
Better Late Than Never for Andrea Orcel
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.
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