appreciate your viewpoint. I agree that it’s skirting the rules, so removed my posts as per your hint.
Not sure if big banks will screen such small forums and how they would identify anyone here.
Agree with the advice here. In my case, I knew that the fees with these large banks are extremely more expensive, brought this up during the salary negotiation and managed to get a raise before accepting the offer.
Still, I’m really surprised how these banks get away with having such high fees. We are talking > 10x more expensive than IB.
At least for UBS I know that employees benefit from reduced fees for trading & custody. Can’t say whether it’s a substantial discount or not.
It’s 50% but still the prices compared to IB are very high. As I said, I wonder who would use it as an execution-only account.
Thank you all for your advices and for sharing your views on and experience with such situation. I was already in touch with the compliance department, when I started this thread, and I continued with the negotiations trying to achieve an exception from the internal policy. Unfortunately, my request was declined.
So, I will need to close my newly opened IBKR account and either open a custody account with the bank, or not have any at all. The latter is the plan for the nearest future and it’s probably time to look for a new employer
I told you so
In banks, it is really easier to ask for forgiveness than for permission
Probably the first option is still better than not investing at all. Maybe you can optimise costs with buying only 1 ETF in CHF (so no FX costs) and invest only a few times a year to save on trading costs.