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UBS is now asking wealthy private banking customers to pay: Anyone who waits to invest for fear of a recession and chooses to keep the money in the account must pay a $5,000 fee. The Bloomberg news portal, citing an article in the Hong Kong Economic Journal, reports that this affects customers with assets of over $2 million.
If the account balance is $2 million, the fee is 0.25 percent. “Poor” private banking customers have long had to pay the associated fee. The bank notified affected customers about the change in November. It is unknown to what extent he managed to persuade inactive millionaires to invest.
UBS is silent on punishment
The fee has now been withheld from some customers in July. The major Swiss bank declined to comment on the Hong Kong Economic Journal.
UBS plans to further strengthen its position in wealth management following the takeover of Credit Suisse. Over the past few months, Credit Suisse has made headlines multiple times with customers immigrating from Asia. Iqbal Khan (47), head of global wealth management at UBS, must stop this wealth run.
For this purpose, 180 managers were appointed to the Global Wealth Management department. Including some former CS employees. However, most posts are populated by UBS administrators.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
