Stories from Zurich · Switzerland

Swiss pharmaceutical giants Roche and Novartis have outlined their strategic plans following the announcement of new pharmaceutical tariffs by the Trump administration.

Lufthansa subsidiary Swiss will discontinue duty-free sales on flights starting at the end of September. The airline stated that spontaneous purchases from duty-free carts have become the exception as fewer passengers buy items on board. Other onboard services, such as economy class catering, will continue to be offered. The decision follows a decline in onboard sales volume. The decision follows a decline in passenger interest in duty-free products like perfume, cigarettes, and jewelry. The decision marks a shift in the airline's onboard service model. The move was reported by SRF 4 News. The airline cited a steady decline in demand for these products.

The FIFA Council voted to amend regulations allowing an Afghan women's refugee team to compete as an official national side. This decision follows recent developments regarding international recognition for displaced athletes. This decision follows a vote to change the status of refugee-based athletic teams. FIFA has cleared the way for Afghanistan's women's football team to return to international competition.

UBS shares rose 3.6 percent in morning trading following strong results across the board. UBS reported earnings for the period from January to March 2026 that were approximately 80 percent higher than the previous year. This growth significantly exceeded analyst expectations. The bank attributed the performance to increased revenue and cost reductions following the integration of Credit Suisse. UBS CEO Sergio Ermotti addressed questions regarding stock market transactions and the use of AI in financial advisory during a quarterly results presentation. The bank's wealthy clientele appears willing to pay for AI-supported services. The presentation also addressed calls from the Federal Council and Parliament for increased banking regulation. The goal of the initiative is to ensure UBS does not face a competitive disadvantage in the international market.

UBS experienced an influx of 37 billion francs into its funds, according to reports.

UBS expects to complete its three billion dollar share buyback program by the time it releases its second quarter results. The bank's stock rose 4 percent on the stock exchange this morning. The announcement was reported by RTS La 1ere. The report covers the initial months of the current year. UBS plans to conduct 3 billion dollars in share buybacks despite anticipated tightening of capital requirements by the Federal Council before the second quarter results. UBS reported an 80 percent increase in net profit for the first three months of the year compared to the first quarter of 2025. Swiss banking giant BES recorded profits of 2,442 million euros during the first quarter. BES currently identifies as a leader in financing for the Banco de Fomento. UBS reported a pre-tax profit of $3.9 billion, representing a 54 percent increase year on year.

UBS confirmed its intention to return more cash to shareholders this year. This follows a quarter where net income surged to over $3 billion. The bank has already planned $3 billion in buybacks.

UBS is continuing planned job cuts following its emergency takeover of Credit Suisse approximately three years ago. The bank currently employs around 102,000 full-time positions globally. This is a decrease from nearly 107,000 employees reported one year ago.

The bank is resisting stricter capital requirements, specifically those targeting the capital adequacy of its foreign subsidiaries. This follows the Swiss Federal Council's announcement last week regarding the 'Lex UBS' banking regulations. The bank fears these requirements would create a competitive disadvantage. The Swiss newspaper Der Blick characterized the internal opposition as a conflict between Team Ermotti and Team Karin Keller-Sutter. The relevant Council of States commission intends to delay its decision following a broad hearing held yesterday.

An estimated 10,000 Swiss jobs could be at risk if the major bank UBS moves its headquarters abroad. UBS currently employs approximately 33,000 people in Switzerland. The bank has not commented on specific personnel matters. However, UBS recently commissioned a study to investigate the economic consequences of the so-called Lex-UBS. BAK Economics Chief Economist Claude Maurer confirmed the risk of job cuts is real due to regulatory costs, though specific numbers were not the focus of his study.