By Reuters Staff
1 Min Read
ZURICH, Jan 12 (Reuters) - UBS will begin charging clients with cash balances above 250,000 Swiss francs ($280,646.61) a 0.75% interest rate fee from July, Switzerland’s biggest bank said in an internal memo on Tuesday.
“It’s becoming increasingly clear that we’ll have to contend with negative interest rates for years to come. That’s why we decided to lower the threshold for deposit fees,” Swiss banking head Axel Lehmann told employees in the memo.
The bank would factor in mortgages and investments clients had with the bank to determine whether to apply the charge.
“In the end, less than 5% of our clients will be affected,” Lehmann said in the memo seen by Reuters and confirmed by a bank spokeswoman. ($1 = 0.8908 Swiss francs) ($1 = 0.8232 euros) (Reporting by Brenna Hughes Neghaiwi)
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TORONTO, Jan 11 (Reuters) - Canadian bank heads on Monday forecast a rosier growth outlook for this and next year, driven by pent-up consumer demand, continued residential mortgage growth and ongoing government stimulus to help offset the impact of the coronavirus pandemic.
Canada’s biggest banks ended fiscal 2020 with better than expected earnings, while warning of an uneven economic recovery and a slower housing market. But they struck a somewhat more optimistic note at the RBC Capital Markets Canadian bank CEO conference.
“We’re definitely feeling good about things,” said Dave McKay, chief executive of Royal Bank of Canada, the country’s largest lender.
(Recasts to lead with impact of vaccine rollout on recovery, adds TD CEO comment)
TORONTO, Jan 11 (Reuters) - Canadian bank heads forecast a rosier growth outlook for 2021 and 2022 on Monday, counting on the rollout of coronavirus vaccines to help drive an economic recovery and release billions of dollars worth of pent-up consumer demand.
The approval of vaccines to prevent the spread of COVID-19 prompted the banks’ chief executives to strike a more optimistic tone at the RBC Capital Markets Canadian bank CEO conference.
“We may see a drastically better economic environment in the back half of 2021,” Bank of Montreal Chief Executive Darryl White said. “When we get through the next two to four months, and see the vaccine overtake the virus, then we’ll be in a period where loan growth, toward the back end of the year, can begin to be very substantial.”
Japan declared a limited state of emergency in the capital, Tokyo, and three neighbouring prefectures on Thursday to stem the spread of the coronavirus, resisting calls from some medics for wider curbs due to the economic damage they would cause.