Sergio Ermotti faces the daunting task of integrating two globally systemic banks. The returning UBS boss’s first big decision, though, has a more domestic focus. The Swiss bank is under pressure to offload Credit Suisse’s local business to ease a political backlash in its home market. By avoiding immediate layoffs, and arguing that the division might not be viable on its own, he might be able to get away with keeping it.
Italy is in talks with sovereign wealth funds (SWFs) from Norway, Saudi Arabia and Singapore over plans worth 1 billion euros ($1.09 billion) to develop a residential area of Milan, the head of a state-owned company told Reuters on Thursday.
Details of how billionaire Italian tycoon Silvio Berlusconi divided up his assets have been made public on Thursday after the will of the former prime minister, who died on June 12, was unsealed.