Florian Esterer News
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Credit Suisse Group AG will probably post higher profit than UBS AG for a fourth straight quarter when the largest Swiss banks report results over the next week.
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Switzerland’s 437-year-old Wolfsberg castle has welcomed the likes of Alexandre Dumas and Franz Liszt. In September, UBS AG Chief Executive Officer Sergio Ermotti gathered the bank’s top executives there for dinner.
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Oswald Gruebel, chief executive officer of UBS AG, is facing a credibility gap: analysts and investors don’t take his profit target seriously.
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Fourteen months after the largest loss from unauthorized trading in British history, UBS AG is accelerating a retreat from risk taking.
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UBS AG, Switzerland’s biggest bank, boosted its profitability goal and announced plans for about 10,000 job cuts as Chief Executive Officer Sergio Ermotti moved to shrink the investment bank and focus on wealth management.
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As 1,100 managing directors from Barclays Capital descended on the Grosvenor House hotel near London’s Hyde Park in late September, they had more to celebrate than having successfully swallowed the North American unit of Lehman Brothers Holdings Inc. two years earlier. Their guy, Bob Diamond , the Massachusetts-born founder of Barclays Capital, had just been handed the top job at parent Barclays Plc in a sign of how he had transformed the 320-year-old British institution in his 14 years as investment bank chief, Bloomberg Markets magazine reports in its January issue.
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Credit Suisse Group AG, the second- biggest Swiss bank, increased a target for cost reductions after posting a drop in third-quarter profit on an accounting charge related to its own debt.
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Italian banks, saddled with the nation’s record borrowing costs, may struggle to reverse a drop in profitability that’s already turned UniCredit SpA and Intesa Sanpaolo SpA into European laggards.
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Credit Suisse Group AG , Switzerland’s second-largest bank, may report lower second-quarter earnings tomorrow, after Europe’s sovereign-debt crisis made clients more reluctant to trade.
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UBS AG , Switzerland’s biggest bank, reported the highest quarterly profit in almost three years as debt trading rebounded.
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