Margot Patrick

UBS is lining up candidates to be chief executive when Sergio Ermotti wraps up integrating the combined UBS-Credit Suisse around 2027. Chairman Colm Kelleher at the time said Ermotti was "a better horse" than Ralph Hamers, who had held the job.

Credit Suisse bondholders sued Switzerland in a Manhattan federal court on Thursday, alleging the country put national interests above the law when their bonds were voided in the bank’s rescue last year by UBS. Switzerland stunned markets by ordering $17 billion in so-called AT1 bonds at Credit Suisse to be written down before UBS bought it, upending the usual practice of bondholders having a priority claim over shareholders. Holders of the bonds, ranging from distressed debt funds to U.S. and Swiss pension fund managers, say the writedown was disproportionately punitive.

UBS poached Michael Camacho, a 30-plus-year veteran of JPMorgan, to help shake up its underperforming U.S. wealth-management business. The Swiss bank, which styles itself as a one-stop shop for the world’s rich, has been rejiggering its U.S. operations to improve profitability and asset growth. UBS said Camacho will join in September as head of its global wealth-management division in the U.S. Jason Chandler, who has run the unit since 2019, will become chair of that business for the Americas, UBS said.

Andrea Orcel has teed up UniCredit for a potential takeover of rival Commerzbank. He wants to build something Europe lacks—a banking champion.

Newly named Commerzbank Chief Executive Bettina Orlopp has a difficult first mission: Fend off an Italian raider, UniCredit, while somehow keeping long-suffering shareholders happy. UniCredit’s surprise purchase of 9% of the German bank this month, [and a plan to own even more](https://www.wsj/

UniCredit’s effort to buy Germany’s Commerzbank is a test of a broader project to revive Europe’s vitality and stature in the world.

Michigan philanthropist Manoj Bhargava made a fortune on his path to enlightenment, and he doesn’t want to share it with the U.S. government.

Michigan philanthropist Manoj Bhargava made a fortune on his path to enlightenment, and he doesn't want to share it with the U.S. government.

Well-heeled customers at Switzerland’s UBS are positioning their investments for a possible Trump presidency, CEO Sergio Ermotti said Wednesday, predicting there could be meaningful shifts by clients across asset classes whatever the outcome.

The rapid rise of private credit poses a threat to financial stability, and banks don't even know the extent of their exposure to the growing asset class, warned a senior European central banker. An estimated $2 trillion has poured into private credit, [a loose term for loans and other financing](h