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UBS went public yesterday: minus 6 percent. Media such as Finanz und Wirtschaft reported that the former bank of the new UBS CEO, the Dutch ING, appeared in Fincen’s files.
What is meant is a tsunami of reports of money laundering from global banks, which had no consequences for a long time. In the foreground is the ING, which had been punished for breach of money laundering under Ralph Hamers.
The great Dutch bank had to pay a fine of 775 million euros 2 years ago, taking the hat off of ING. Chef Hamers could hold out.
In February, Hamers was announced as the new CEO of UBS, and started on Bahnhofstrasse 3 weeks ago.
Hamers is already a member of the group’s management and will assume operational control from Sergio Ermotti in November.
Only at this stage is it clear that the money laundering issue is not over for Hamers. In the Netherlands, the head of the bank has to testify in a process.
The judges in charge decided this 4 weeks ago. They denied Hamers’s request not to testify.
The renewed outbreak of the ING money laundering scandal weakens Hamers at a delicate stage.
Right after UBS has left its grand manipulation procedures and illicit money behind, except in Paris, a boss who is personally targeted for money laundering takes over.
The Fincen files caused quite a stir around the world yesterday. Shares of the Anglo-Asian HSBC fell 7 percent, those of the CS lost a good 6 percent.
Others, like the US bank JP Morgan, held up better: minus 3 percent.
Ralph Hamers becomes a mortgage for UBS from its inception. The Dutchman did not raise his ING shares. In recent years under his tenure, the title has lost much of its value.
A battered Hamers is initially a problem for UBS president Axel Weber. The German chose Hamers himself.
But when Weber merges UBS with CS, he sacrifices Hamers. A CS manager will take over as CEO, Weber would become president.
