Somewhere he had to make cuts, said UBS CEO Sergio Ermotti (59). Either he’ll pay because of the negative interest rates for the money on the client accounts. Or he überwälze the penal interest on the customer – with the risk that this abzügeln your money.
The UBS follows the competition and charges according to Credit Suisse, Postfinance and the Aargau cantonal Bank from November, also negative interest rates for wealthy clients. Specifically: Who is holding Swiss franc Cash balances of over 2 million, you must pay interest at a rate of 0.75 percent.
small savers spared
The persistent low-interest-rate Outlook left him no choice, said Ermotti at the presentation of the Figures for the third quarter. “We will increase the division of the loads in the case of negative interest rates,” he says. At the same time he makes clear: “Even if the stop is negative interest rates, we will charge small customers also in the future, no negative interest rates.”
Where he sees the threshold for small customer assets, not wanted Ermotti to say on request of a VIEW. It is possible that the UBS as the Postfinance introduces once already on assets of more than 500’000 Swiss francs a criminal rate of interest.
for banks to respond to the now already for 2015 permanent negative interest burden, illustrated on the previous day, the chief economist of UBS wealth management in his analysis. “Banks could increasingly be forced negative interest rates on to their savers pass”, it says.
in order for Iqbal Khan
to outflows, negative interest rates on Euro accounts introduced by UBS in 2017, would already have significant Money, so Ermotti. However, this was desirable because of the Overhang of Euro-stocks. In General, the Bank hopes that the customer will deduct the money due to negative interest rates, but in other UBS-systems shift.
“Finally, all banks have the same Dilemma and can’t get around negative interest rates is,” Ermotti. The most important thing was to find for the rich customers to alternative investments. At least in the third quarter of the high net worth individuals have abgezügelt customers no money. On the contrary, The largest asset Manager in the world has experienced an inflow of $ 16 billion on new assets.
An important figure for the UBS wealth management, the former Credit Suisse Manager, Iqbal Khan (43) since this month. The new Co-head of international wealth management of UBS has made the last few weeks the headlines because of the espionage affair and the Nachbarzwists with CS-in-chief Tidjane Thiam (57). According to Ermotti Khan now has 60 days to proposals to deliver, how to bring the global asset management UBS on the front man.