Switzerland Today

Sunny regards from Bern!

Its all about the money in Switzerland today! The UBS CEO made a bold statement saying “I believe we are not too big for Switzerland”. But how much space is left in the small Alpine country for this mega-bank? That remains to be seen.

The UBS and Credit Suisse drama continues. The UBS now holds around CHF4.4 trillion ($5 trillion) in client assets. But that mind-bending sum is not stopping it from slashing 3,000 jobs in Switzerland.

But that is not the only money-related news from Switzerland today.

The political parties are talking numbers. New rules state that political parties in Switzerland will have to be transparent about the donations they receive. What are the numbers so far? Also, how much would you pay for your car's number plate? CHF1,000? More? Wait until you see how much one number plate went for at auction in canton Zurich (hint: there are houses selling for less).

All that in today’s briefing.

UBS Chief Executive Officer, Sergio Ermotti. © Keystone / Michael Buholzer

In the news: UBS breaks banking records and simultaneously communicates 3,000 job cuts.

• UBS smashes banking record as it absorbs Credit Suisse: UBS now commands around CHF4.4 trillion ($5 trillion) in client assets.
• UBS to cut 3,000 staff in Switzerland as it integrates rival. However, the redundancies are likely only a small part of the total reduction in headcount.
• In turn, the Swiss government says it “regrets” job losses at Credit Suisse. People and families were behind every dismissal, a statement from the government said, and existing obligations to current employees should be respected.
• Making better use of solar energy is necessary to meet Switzerland’s climate targets, says the Swiss Federal Audit Office (FAO). One point made by the FAO is that profitability could be improved by making greater use of available land in mountain regions, which receive more sunshine in winter.
• UN committee says Switzerland violated international law with Covid-19 vaccines.

Security Director Mario Fehr, canton Zurich Sicherheitsdirektion

How much would you pay for a car number plate?

How about CHF200,000? If you are like me, you balked at that figure for a glorified car accessory. Car not included.

But that is exactly what bidder “DAGA” did for the prized plate “ZH 50”. “DAGA” beat out 170 others at the auction, which took place on the 50^th anniversary of the opening of the Zurich-Albisgütli Road Traffic Office.

Shockingly, this is not the most expensive number plate ever sold in canton Zurich. That record is held by the owner of plate number “ZH 100”, which sold for CHF226,000.

But wait, theres more! If you think this is the most money an individual has spent on a number plate, you would be sorely mistaken. The national record for the most expensive number plate is CHF233,000, for “ZG 10” in canton Zug.

For those curious about the world record, fret not, I saved you a google searchExternal link. The most expensive number plate sold just this past April for AED55 million (CHF13.20 million or $14.97 million) at a charity auction in Dubai. Because of course it’s Dubai.

Keystone / Martin Ruetschi

Money makes the world go round

Swiss federal elections are coming up in just over a months’ time. How are the political parties in Switzerland making their money?

For the first time, parties will have to disclose their big donors. Swiss public television, SRFExternal link, was privy to money talks before the official disclosure next week.

Christoph Blocher, one of Switzerland’s best-known politicians and billionaire industrialist, has donated over half a million Swiss francs to the Swiss People’s Party, the political party for which he was previously vice president.

He had previously announced his withdrawal from party politics, while promising to continue to “speak out” on issues important to him: “I am withdrawing from party politics, but not from politics.” As the saying goes: put your money where your mouth is.

Here again, much like with the number plate, this was not the biggest donation made to a political party. That position goes to Carmita Burkard-Kroeber, heiress to the Sika chemical company based in canton Zug. Her donation is almost double that of Blocher, giving the Green Party CHF1 millionExternal link.

The other Swiss political parties have also disclosed some of their larger donations.

The Social Democratic Party told SRF their largest donation from a single person was CHF6,100. The Centre party noted that last year they received their largest donation from Credit Suisse, at CHF189,000. Yearly they receive annual donations of around CHF2 million. And as for the Radical-Liberal Party, their largest donor group is the “Friends of the Radical-Liberal Party”, which donates around CHF700,000 every year. The “Friends of the Radical-Liberal Party” club president Philip Mosimann also stated he was expecting an additional CHF100,000 for the election campaign.

These figures are only what have been disclosed up to now. The official donations list will be published next week by the Swiss Federal Audit Office (FAO).