Stefan Bollinger, the new CEO of Julius Bär, has launched an initiative called “Cut the Clutter”to change the bank’s culture. The goal is to provide an open platform for employees to report issues directly to a dedicated mailbox. Reactions to the initiative are mixed, with some critics finding the name offensive and others praising Bollinger’s openness and willingness to listen.
The move could signal a new leadership style at the bank, shifting away from risky business and compliance scandals. However, whether “Cut the Clutter”is more than a symbolic gesture remains to be seen.
The film “The Lives of Others”(2006) is a German classic that explores the surveillance of a writer by the Stasi in the 1980s. The main character, Gerd Wiesler, a Stasi captain, begins to question the communist system as he emotionally connects with the people being monitored. The film offers a deep look at the moral dilemmas and the impact of a totalitarian regime on individual life.
Georgian billionaire and former Prime Minister Bidzina Ivanishvili is now targeting Zurich-based private bank Julius Bär, according to the economic magazine Tippingpoint. Ivanishvili claims the bank threatened to close his accounts due to his status as a politically exposed person (PEP) and accuses Julius Bär of working together with hedge funds against his interests, holding back account information for months. The bank has declined to comment on the allegations.
Gold prices in Swiss francs have reached a new record, surpassing the 2,500-franc mark and closing at 2,504.28 francs per ounce. The increase reflects the growing demand for the metal as a safe-haven asset in times of economic and geopolitical uncertainty.
US President Donald Trump has again called for interest rate cuts to stimulate investments and boost economic growth. Trump emphasizes the need for lower interest rates, both in the US and globally, to enhance the competitiveness of the economy. He has urged the US Federal Reserve and other central banks to act quickly to promote economic dynamism.
Emmi, the Swiss dairy company, has surprisingly strong growth in 2024, with a 2.4% increase in sales, exceeding its own projections and analysts’ expectations. The company’s international markets, particularly in Brazil, Chile, Mexico and the US, contributed significantly to the growth, as well as strategic niches like ready-to-drink coffee, premium desserts and specialty cheese.
The Swiss government has reported that 70% of Covid-19 credit cases have been settled, with only 5 billion francs, or about 30%, still outstanding. The rapid loan program, involving 125 banks, aimed to protect the economy from a wave of insolvencies. The government has built up a provision of 722 million francs, expecting a total loss of 5-10% of the original credit volume.
However, the speed of repayment came at the cost of accuracy, with around 4,400 fraud cases reported, mainly due to false statements or unauthorized credit use. In 70% of the cases, the allegations led to convictions or settlements. The government emphasized that the program had stabilized the economy and that the costs were in a reasonable proportion to the benefits.
The Swiss watch industry has seen a decline in demand, particularly in China, where the luxury market has shrunk by up to 20%. The decline is mainly due to a lack of confidence among Chinese consumers and the return of international tourism, which has affected the domestic market. Swiss watch brands have been particularly hard hit, as many consumers now prefer to buy luxury goods abroad.
UBS shares have reached a new high, reaching 30 francs for the first time, a significant psychological milestone. The stock has risen by over 10% in the past two weeks, making UBS the top performer in the European bank index. Experts are optimistic that the bank could benefit from regulatory changes and the upcoming annual reports on February 4 may provide further insight into the company’s future development.