Most major international banks have been involved in criminal transactions on several occasions. Also the Swiss UBS. Activists are therefore calling for the institute to be excluded from the lucrative US pension market. The case could have a signal effect.
One would think that the Swiss can be proud of their UBS. The country’s largest bank seemingly selflessly took over the stumbling Credit Suisse in 2023 and saved Switzerland and the rest of the world from a financial crash. We now know that UBS will benefit from the takeover from a business perspective. Extraordinary profits in connection with the takeover drove up the previously sluggish share price: the reputation ascribed to itself in advertisements as a solid and discreet asset manager radiates unbroken into the world. That UBS boss Sergio Ermotti will be in Switzerland in 2023 “Leader of the Year” was awarded and with an annual salary of 14.4 million francs the highest paid boss of a major bank in Europe, completes the picture of a respectable credit institution.