John Fraser, who has been Chairman and CEO Global Asset Management since 2001, has decided to retire from his CEO role and as a member of UBS's Group Executive Board, effective 31st December 2013. This follows a long and distinguished career at UBS and in finance which began in the Australian Treasury and has spanned five decades.
Credit Suisse has announced the sale of its domestic private banking business booked in Germany to ABN AMRO.
Credit Suisse has said Rolf Boegli, head of wealth management for super-rich clients in Switzerland, will step down at the end of the year for health reasons
Credit Suisse plans to lean more heavily on its private banking franchise, targeting a bigger share of lucrative ultra-rich clients as tougher regulation and volatile markets dent investment banking returns.
Switzerland's prosecutor said it is investigating former UBS banker Renzo Gadola, who received a light sentencing in the U.S. two years ago in return for becoming a informant on wealthy American tax cheats.
Bradley Birkenfeld, the former UBS private banker who exposed how the bank helped Americans evade taxes, settled legal disputes with a law firm that claimed it was owed $13m of his $104m whistle-blower award.
Standard Chartered, DBS Group Holdiings, and HSBC have submitted first round bids for Societe Generale's Asian private bank valued at $600m, people involved in the sale told Reuters.
As many as 7,000 Swiss private banking jobs could be culled if European regulation aimed at improving market infrastructure goes ahead as planned.
Sipping coffee, a group of advisers to Asia's wealthy sit in pairs in a Hong Kong training room of Swiss bank UBS, trying to solve a riddle.
Private bankers may be targeting Asia's rising wealthy class, but a shortage of wealth managers has hobbled the industry's growth, spurring companies to poach employees.
Goldman Sachs reportedly is in the process of throwing its own employees out of its private bank because some of them just aren't wealthy enough to bank at Goldman..
Not usually a good idea.