Why Wealthy Americans Love UBS, The Secretive Swiss Banking Giant
Summary
TLDRDas Video beschreibt den Aufstieg der UBS zu einem globalen Finanzgiganten, der durch strikte Schweizer Bankgeheimnisse begünstigt wurde. Die Übernahme der Credit Suisse katapultiert die UBS an die Spitze der globalen Bankenwelt. Historisch war das Bankgeheimnis ein Magnet für Oligarchen, Diktatoren und Steuerhinterzieher. Trotz regulatorischer Einschnitte bleibt die Diskretion ein Markenzeichen. Die Fusion bringt jedoch Herausforderungen wie komplexe Risiken und potenziell problematische Altlasten von Credit Suisse mit sich. Die Beziehung zwischen UBS und den Schweizer Behörden bleibt ein entscheidender Faktor für den künftigen Erfolg.
Takeaways
- 🔐 UBS hat sein Vermögen durch ein einzigartiges Schweizer Merkmal aufgebaut: Geheimhaltung.
- 💰 Russische Oligarchen, Diktatoren und andere Kriminelle nutzen die Schweizer Bankgeheimnisse, um Geld zu verstecken und zu waschen.
- 🏦 UBS hat durch die Übernahme von Credit Suisse eine beispiellose Größe erreicht und wird zum globalen Finanzriesen.
- 🇨🇭 Die Schweizer Bankenregeln erlauben es, Kundendaten streng geheim zu halten, wodurch UBS ein Magnet für ausländisches Kapital wurde.
- 🌍 UBS verwaltet derzeit etwa 5 Billionen Dollar und ist eine der 30 systemrelevanten Banken weltweit.
- 💼 Die Fusion von UBS und Credit Suisse wird als die bedeutendste Bankenfusion in Europa seit der Finanzkrise angesehen.
- ⚖️ UBS war in Steuerhinterziehungs- und Manipulationsskandale verwickelt, hat sich jedoch nach der Finanzkrise wieder stabilisiert.
- 🏢 Die Schweizer Regierung unterstützte die Übernahme von Credit Suisse mit über 100 Milliarden Dollar an Notkrediten.
- 💳 Viele Gläubiger von Credit Suisse erlitten Verluste, insbesondere die Inhaber von risikoreichen Schuldeninstrumenten.
- 🔄 UBS steht nun vor neuen Herausforderungen, einschließlich möglicher Arbeitsplatzkürzungen und erhöhter regulatorischer Überprüfung.
Q & A
Was ist das Hauptgeschäftsmodell von UBS und wie hat es sich entwickelt?
-UBS hat sein Vermögen durch ein einzigartig schweizerisches Konzept aufgebaut: Geheimhaltung. Durch Fusionen und Akquisitionen ist es zu einem globalen Unternehmen mit Zehntausenden von Mitarbeitern gewachsen.
Warum haben russische Oligarchen und andere umstrittene Persönlichkeiten ihr Geld bei UBS deponiert?
-Russische Oligarchen, Diktatoren, Mafia-Mitglieder und möglicherweise Terroristen nutzen die Schweizer Bankgeheimnisse, um ihr Geld zu verstecken, Gelder zu waschen und sich den Konsequenzen ihrer Verbrechen zu entziehen.
Wie hat sich die Übernahme der Credit Suisse auf die UBS ausgewirkt?
-Die Übernahme der Credit Suisse hat die UBS in eine Position gebracht, in der sie den gesamten Markt für Privatkunden in der Schweiz beherrschen und den Wettbewerb effektiv auslöschen kann. Dies könnte sie in die Liga der größten Banken der Welt katapultieren.
Warum gilt die Schweiz als Magnet für ausländisches Kapital?
-Die Schweiz ist aufgrund ihrer Gesetze, die Schweizer Banker zur Geheimhaltung von Kundendaten verpflichten, ein Magnet für ausländisches Kapital. Dies ermöglicht es Personen aus anderen Ländern, ihr Geld vor ihren eigenen Behörden zu verstecken.
Wie hat sich die Rolle des Schweizer Bankgeheimnisses in den letzten Jahrzehnten verändert?
-Das Schweizer Bankgeheimnis wurde in den letzten Jahrzehnten durch internationale Entwicklungen, insbesondere durch US-Steuerbehörden, beeinträchtigt. Trotzdem bleibt es ein charakteristisches Merkmal der Schweizer Banken.
Warum haben einige Menschen Bedenken hinsichtlich der Fusion von UBS und Credit Suisse?
-Es gibt Bedenken, dass die Fusion die Komplexität und das operationelle Risiko der neuen, größeren UBS erhöhen könnte. Darüber hinaus bestehen Unsicherheiten hinsichtlich der zukünftigen Struktur, möglicher Stellenstreichungen und rechtlicher Herausforderungen.
Welche Rolle spielt die Schweizer Regierung bei der Fusion von UBS und Credit Suisse?
-Die Schweizer Regierung spielte eine entscheidende Rolle, indem sie über 100 Milliarden Dollar an Notfallliquidität zur Verfügung stellte und so die Fusion ermöglichte. Sie bot zudem staatliche Verlustgarantien in Höhe von 9 Milliarden Dollar.
Wie wurde UBS in den letzten Jahren durch rechtliche Skandale und Vorwürfe beeinflusst?
-UBS war in verschiedene Skandale verwickelt, darunter Manipulationen von globalen Zinssätzen und Steuerhinterziehungsfälle. Diese Vorfälle haben ihren Ruf und ihre finanzielle Stabilität beeinflusst.
Welche zukünftigen Herausforderungen könnte UBS nach der Übernahme von Credit Suisse erwarten?
-UBS könnte sich mit rechtlichen und regulatorischen Herausforderungen, darunter mögliche Ermittlungen in Bezug auf alte Konten von Credit Suisse, und mit der Integration von Geschäftsbereichen auseinandersetzen müssen.
Warum ist die Fusion von UBS und Credit Suisse ein wichtiger Moment in der europäischen Finanzgeschichte?
-Diese Fusion gilt als eine der historisch bedeutendsten Bankenfusionen in Europa seit der Finanzkrise. Sie führt zu einer erheblichen Konzentration des Schweizer Bankensektors und hat das Potenzial, die globale Bankenlandschaft zu verändern.
Outlines
🏦 UBS und das Schweizer Erfolgsgeheimnis
UBS wurde durch die Schweizer Bankenpolitik des Geheimnisses enorm erfolgreich. Diese Politik erlaubte es wohlhabenden Kunden wie russischen Oligarchen, Diktatoren und möglicherweise Terroristen, ihr Geld zu verstecken. Die Bank ist über 160 Jahre gewachsen und hat nach der Übernahme von Credit Suisse nun eine führende Position im globalen Bankensektor. Trotz der Erosion des Bankgeheimnisses durch internationale Regulierungen bleibt es ein wesentlicher Teil der UBS-Identität.
💰 Die Rolle der Schweizer Regierung bei der UBS-Credit Suisse Fusion
Die Schweizer Regierung spielte eine entscheidende Rolle bei der Beschleunigung der Übernahme von Credit Suisse durch UBS, indem sie über 100 Milliarden Dollar an Notliquidität bereitstellte. Aktionäre von Credit Suisse bekamen einen kleinen Teil ihrer Investitionen zurück, während einige Kreditgeber, insbesondere Halter risikoreicher Anleihen, alles verloren. Trotz der Risiken bietet die Übernahme UBS die Chance, eine noch stärkere Position im globalen Bankensektor einzunehmen.
⚠️ Herausforderungen bei der Credit Suisse-Übernahme
UBS steht nach der Übernahme von Credit Suisse vor neuen Herausforderungen, darunter die Aufdeckung von Nazi-Konten bis ins Jahr 2020. Trotz internationaler Verpflichtungen zur Transparenz hatte Credit Suisse weiterhin amerikanische Geheimkonten geführt. UBS wird wahrscheinlich verstärkt unter internationalem Druck stehen, insbesondere von den USA und Großbritannien. Dennoch bleibt die Beziehung zwischen UBS und den Schweizer Behörden stark und wird in Zukunft eine wichtige Rolle spielen.
Mindmap
Keywords
💡Schweizer Bankgeheimnis
💡Oligarchen
💡Geldwäsche
💡Globales Unternehmen
💡Systemrelevante Banken
💡Regulierung
💡Konkurs
💡Fusion
💡Steuerhinterziehung
💡Krisenmanagement
Highlights
UBS银行家通过瑞士独特的保密性建立了财富。
瑞士银行保密性吸引了俄罗斯寡头、独裁者、黑手党成员甚至可能的恐怖分子。
瑞士政府对银行业务的放任态度增强了银行的独立性。
UBS通过合并数百家公司,成为全球性企业。
收购瑞士信贷后,UBS集团准备在全球范围内扩张。
UBS的保密法律使得外国现金涌入,成为避税和洗钱的避风港。
2009年,UBS承认帮助47,000名美国人逃税。
UBS和瑞士信贷都拥有强大的瑞士个人和企业银行业务。
UBS的成立价值观在其标志上展示,象征着安全、信任和谨慎。
UBS目前管理着5万亿美元的资产,是世界前30大银行之一。
瑞士政府不愿让银行失败,通常会介入促成更大的银行收购。
瑞士政府提供了超过1000亿美元的紧急流动性来推动UBS收购瑞士信贷。
UBS收购瑞士信贷可能使银行在全球范围内更具竞争力。
UBS的历史包括吸收了约370家不同的金融公司。
2000年,UBS以108亿美元收购PaineWebber,极大地扩展了其在大西洋彼岸的业务。
2007年的房屋市场崩溃对UBS的投资组合造成了影响。
UBS在Libor交易丑闻中被发现有超过2000起不当行为。
UBS的CEO Sergio Ermotti在2023年回归,他以果断和恢复银行稳定而闻名。
随着收购瑞士信贷,UBS可能会继承一些问题,包括与纳粹有关的账户问题。
瑞士当局意识到他们不能再在国际上孤立无援,必须与国际伙伴合作。
Transcripts
The bankers at UBS built their fortune with a uniquely Swiss proposition.
Secrecy. Russian oligarchs, dictators, mafia members,
potentially terrorists out there using Swiss bank secrecy to hide their money,
launder their funds and get away with whatever their crimes had been.
At the core. They will not be subject to some political influence because the Swiss
government is leaving them alone.
Or at least that's the perception.
Hundreds of companies folded into UBS over its 16 decade run.
The result is a global enterprise with tens of thousands of employees
now following a blockbuster acquisition of Credit Suisse.
Ubs Group is poised to take on the world.
It creates an absolute behemoth that will swallow up the entire market domestically in
Switzerland as far as personal banking is concerned and essentially obliterate competition.
This could catapult UBS out of that basket of peers alongside Deutsche Bank, BNP
Paribas and HSBC and into the realms of JP Morgan.
How did UBS take Switzerland to the top of global finance and what challenges are
emerging as this massive bank becomes even bigger?
Swiss bankers have to keep client information secret by law.
I've talked to Swiss bankers who say the only reason to have your money in a Swiss bank is
because you want to hide that money there.
And that's for two reasons.
One is that the returns on investment generally aren't as high in Swiss banks as they
are in American banks or competitive banks around the world.
And also because the fees are pretty high there compared to other banks around the
world. So if you're paying more and earning less, you're there for some other reason than
maximizing your profit potential in Switzerland.
You can go to prison for revealing client details.
That's made it a magnet for foreign cash.
Americans trying to hide money from the IRS, Argentines trying to hide money from the
Argentinian government.
According to UBS, more than half of its invested assets in its wealth management division come
from people in the United States.
In 2009, they admitted to using these laws to help 47,000 Americans
dodge taxes.
Ubs also has a large domestic footprint taking deposits from customers across the
many Swiss cantons.
This map shows where UBS had the most domestic customers pre-merger.
They've since grown.
Both UBS and Credit Suisse have really strong Swiss personal and corporate banking
divisions. They have tried to focus on that and the global wealth manager as
key kind of profit centers, as pillars of stability since the financial
crisis and since they've had to try and quite radically and quickly de-risk.
They've done that quite successfully.
Ubs says its founding values are displayed on the logo three keys, symbolizing
security, trust and discretion.
That secrecy has been dented by recent developments in the last two decades
because particularly the US tax authorities and together with them, other authorities have
eroded some aspects of the secrecy.
But it remains a distinctive feature.
Today, with $5 trillion in assets invested.
Ubs ranks in as one of the world's 30 largest banks.
Regulators call them global systemically important banks or g-sibs.
G-sibs deserve attention from the perspective of global financial sector
stability. When you look at the list, they tend to be highly correlated with size
and also to some extent with complexity and cross border activity.
Before the merger, both Credit Suisse and UBS were in that list of
the roughly 30 most systemically important banks in the world set by the
Financial Stability Board.
Governments generally are reluctant to let banks fail.
So when a bank gets in crisis for one reason or another, the typical response
from government regulators is to move in and broker a sale to some other bank which is bigger
and healthier.
That's more or less what happened when a bank run mounted in Switzerland.
This would potentially be Europe's most historic banking combination if a deal would to come
through since the financial crisis.
Well, there have.
Been a lot of talks about merging the two banks, and it's been something that's been reported about
for for a long time before it actually happened.
But it wasn't until the crisis that it was worth it for the Swiss government to put up the money to
make the deal actually happen.
As recently as February, the strategic board of UBS looked at Credit Suisse and
decided that it would not be desirable as an acquisition target.
Credit Suisse was pushed right to the brink and the Swiss authorities were forced really
to offer some pretty significant sweeteners to the deal for UBS, including
the $9 billion government loss backing and also the wipe out of
$17 billion worth of 81 Credit Suisse bonds, which
significantly reduced the risk for UBS, who got their main rival
in Switzerland, essentially for a massive cut price.
Ubs ultimately paid about $3 billion to buy its rival.
The Swiss government pledged over $100 billion in emergency liquidity to push the
deal forward quickly in the sale.
Credit Suisse shareholders expect a trade in about 22 shares to receive one
share, which the.
Swiss government mostly did is impose losses on creditors and shareholders
of Credit Suisse. So shareholders didn't lose everything.
They got a little bit of money, but not much.
Most creditors were made whole, but some of them weren't.
So the holders of the most risky instruments called contingent convertible
or additional Tier one debt.
These people lost all their money, which was controversial.
We knew that Credit Suisse had problems.
Sorting through the problems may take time.
Credit Suisse had a huge balance sheet, about twice the size of Lehman Brothers when it
collapsed.
Had four days to do their due diligence on Credit Suisse's entire
business. They acknowledged in this SEC filing that those risks are going
to be present and that the haste with which they were forced into this decision
does mean that there are risks further down the line.
But as it stands.
The opportunity that they see is to catapult us right to the, you know, the very upper
echelon of the global banking system.
Ubs said acquiring Credit Suisse may make the bank more competitive globally, despite the potential
increase in operational complexity.
Ubs in its current form, is comprised of around 370
various financial firms that it's absorbed over the course of its two century
history.
Some of these founding banks led the industrialization of Switzerland.
Others opened early ventures abroad.
Many of these preceding companies grew as wealthy people stowed cash overseas to
escape rising taxes.
By the 1940s, Swiss banks emerged as a global force, with Zurich becoming the
third most important center behind New York and London.
There have been a lot of inquiries and investigations, including their role during World
War One or the predecessor banks, because UBS, as we know it, is a product of multiple
mergers. So there were different predecessors, including now Credit Suisse, but
also Swiss Banking Corporation, with which they merged in 1998.
A wave of bank failures rippled through the United States in this era, creating an opportunity for
international groups.
The 2000 acquisition of PaineWebber for $10.8 billion
was hugely transformative for UBS.
It enabled them to reach across the Atlantic with what has become their flagship wealth management
arm. They are now the largest wealth manager in the world, and that
was an acquisition that was one of the most strategically significant for any
European bank this millennium.
The 2007 housing crash put a dent in UBS portfolio.
Traders speculated that the firm might fold, so.
The picture back in 2008 was UBS was a problem bank among the two large Swiss
banks. And Credit Suisse was the kind of, you know, example to
follow. And there are lots of ironies when you look at those comparative
developments.
During the crisis, UBS took a massive hit.
Their market cap went from $126 billion to
26 over the course of a couple of years.
They were caught up in the Libor trading scandal.
In the 20 tens, several banks were caught manipulating global interest rates at
UBS. Over 2000 instances of misconduct were uncovered.
There was a $2 billion hit, which was incredibly substantial at the time, both reputationally
and financially. What UBS is really been able to do is is restore an element of
stability and risk aversion that Credit Suisse kind of failed to do
over that period.
But UBS has still been embroiled in various tax evasion
allegations that stem from that history of the code of silence in Swiss
banking.
I'm pleased that we are closing a chapter, a 15 year old chapter of
our own litigation inventory, let's call it.
Ceo Sergio Ermotti is a veteran Swiss banker who led UBS recovery
from the global financial crisis.
He rebuilt the bank into this kind of stable, profitable machine.
Ermotti, who left in 2020 with a reputation for being quite ruthless,
willing to to implement cuts, but being willing to do what was necessary to
steady the ship.
He returned to the company in 2023 after stepping down from the post in 2020.
At UBS, many questions remain about looming job cuts, litigation and the firm's
future structure.
Global banks like UBS answer to many regulators.
When we think of Credit Suisse failing immediately, we think, okay, what did the Swiss
authorities do to monitor that bank?
But actually, when you think about it, you have to think about the UK authorities, the US
authorities.
Ubs may inherit some problems with this acquisition.
For example, the Senate Budget Committee reported that Credit Suisse maintained Nazi linked
accounts as recently as 2020.
Credit Suisse, although it had pledged in 2014 that it was going to work with the US government
and not allow Americans to have secret financial accounts inside Switzerland.
They weren't doing that.
In every case, the bank may face more scrutiny as it grows.
I think Swiss authorities have realized that they can't operate in a vacuum anymore
domestically. Obviously, they love the idea that they had this modus operandi of
secrecy, of discretion domestically and politically.
That's that's a priority.
And clinging on to that and resisting the international pressure to ditch it is is also a
priority. But, you know, if you want to have decent trade deals and diplomatic
relationships, you also need to, you know, have give a bit of rope to, you know, to
international partners.
There is an element of pride and also perception of benefits in the fact that, for
example, a lot of profit accrues to UBS and some of this goes into national
coffers through group level taxation.
That relationship between UBS and the Swiss authorities, between UBS and
the Swiss body politic, so to say, will be fascinating to watch going forward.
And I think we're we're we're at the.
Beginning of a new phase now that there, so to say, alone at the top.
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