• Business

    Inside the turnaround at UBS

    In February 2012, Sergio Ermotti called his first town hall meeting as UBS Group’s chief executive. The stock was finally recovering in those early days, but staff morale wasn’t. As one veteran of the Swiss banking giant tells Fortune, “If you had worked for UBS in those days, the mailman would grumble at you.”  The woes of UBS, which turned 150 years old that year, had taken on the urgency of a national crisis. UBS became the foreign bank most exposed to America’s subprime mortgage debacle, decimating clients’ portfolios. In 2008 the Swiss government stepped in with a historic bailout package after UBS booked a mountain of losses. The last…

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  • Business

    UBS Group Plans to Boost Asset Management Business in China

    UBS Group AG UBS is mulling to use the new relaxed regulations in China to its advantage by strengthening its asset management business. The news was reported by Bloomberg. China’s government opened its asset management markets wider for foreign firms, starting Apr 1, 2020. Under the new rules, asset managers across the globe can apply for wholly owned fund management licenses, which would grant them full control of mutual funds in China. Further, global wealth firms, which are not financially strong to make significant investments, can apply for private fund management licenses, which will allow them to raise yuan-denominated funds from qualified clients to invest overseas. Lastly, global asset managers…

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  • Business

    Majority of business owners support Trump over Biden: UBS

    The presidential election is the top concern of business owners — and most of them want President Trump to win another term in the White House, according to a new survey from UBS. More than half – 53{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49} – of business owners surveyed said they support Trump, while 47{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49} said they support former Vice President Joe Biden. The survey showed Washington is top of mind for business owners — 64{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49} said the presidential election was their biggest concern, followed by politics, the national debt, COVID-19 and health care costs. Heading into the election, the economy is business owners’ top election concern, followed by COVID-19 management, job growth, health care and…

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