Ralph Hammers loves the rainbow look. in one LGBTQ Magazine The President of UBS stands alongside employees in front of the headquarters of the multinational financial company.
Hammers makes UBS the first bank to wake up, but in the business world, the situation is the opposite, with the Dutchman causing a massive bankruptcy over the weekend.
The takeover of US digital wealth management firm Wealthfront, announced with drumbeat and fanfare, without a puff buried.
Hammers wanted to invest $1.4 billion in the small company — paid entirely in cash. Even for a proud UBS, it’s no small feat.
Accordingly, there was a need for good reasons. The Hammers handed it over himself when the deal was announced at the beginning of the year.
“Adding Wealthfront’s capabilities and customer base to our global investment ecosystem will significantly enhance our ability to grow our business in the United States,” the UBS president was quoted as saying in January 2022.
The $1.4 billion will help deliver a “scalable, digital-led wealth management solution to wealthy investors.”
Now the fragments. No deal, instead UBS converts cash purchase convertible bond Around. Bankruptcy of the excess class.
Upon request, UBS provided no explanation for the emergency stop. The spokespersons referred to the bank’s official statement – which cannot be skipped in terms of brevity.
It was said that nothing else could be said.
For the acclaimed Hammers, abandoning the Wealthfront exercise is a major setback. The next strike is imminent in the ancient homeland.
There, the judiciary is investigating a massive money laundering scandal at ING, in which Hammers used the CEO’s wand before moving to Zurich.
The UBS chief is facing charges in the Netherlands. He had already announced that he would resist.
But just putting the accused in a money laundering case, in which a record fine of around 800 million euros was imposed, weakens Hammers.
Combined with the now-cancelled US buyout, a storm broke out over UBS’ number one man overnight that could cost him his head.
Initially, it was Iqbal Khan, a Swiss-Pakistani, who had recently taken over the entire wealth management.
If Khan takes office, the largest Swiss bank will have a Swiss president alongside a US president.
The background of senior executives is important. The top management of the central company of the country which is wholly in foreign hands is not convincing.
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