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Swiss Banking

All articles tagged with #swiss banking

finance24 days ago

UBS Revives Exit Plans as Swiss Capital Mandate Intensifies

UBS leadership is exploring options to relocate the bank outside Switzerland, including a potential merger with a foreign institution, following a parliamentary vote to mandate up to $20 billion in new capital. The move aims to avoid stricter Swiss regulations that executives argue would impair profitability compared to US peers. While the bank has not confirmed specific partners, Morgan Stanley, Deutsche Bank, and Standard Chartered have been cited as potential targets.

via Semafor|

#capital-requirements #finance #mergers

finance-and-regulation1 month ago•2 min saved

Swiss Banking Lobby Chief Warns Excessive Rules Threaten Global Competitiveness

Giorgio Pradelli, incoming chair of the Swiss Bankers Association, warns that Switzerland risks losing its status as a premier global financial hub if it imposes overly strict regulations. As Bern finalizes its largest banking overhaul since the 2008 crisis, Pradelli argues that competitors like the US and UK are simplifying rules, while Hong Kong has overtaken Switzerland in offshore wealth management. He emphasizes the need for a 'proportionate' regulatory framework to maintain competitiveness, particularly regarding proposed capital requirements for UBS.

via Financial Times|

#efg-international #finance-and-regulation #financial-competitiveness

business2 years ago•1 min saved

UBS Reports Q3 Loss Amid Credit Suisse Integration Expenses

UBS reported a larger-than-expected net loss of $785 million in the third quarter, driven by $2 billion in expenses related to the integration of fallen rival Credit Suisse. The Swiss banking giant's total group revenues increased by 23% to $11.7 billion. UBS completed its takeover of Credit Suisse in June and aims to fully integrate its Swiss banking unit while targeting gross cost savings of at least $10 billion by 2026.

via CNBC|

#business #credit-suisse #integration-costs

finance3 years ago•4 min saved

UBS's Blowout Earnings Spark Optimism and Job Cuts

UBS reported a "historic" earnings report, with second-quarter net profit of $28.88 billion, largely driven by negative goodwill from its acquisition of Credit Suisse. UBS shares rallied to 15-year highs, but Deutsche Bank cautioned that UBS may still be a "construction site" for some time. UBS plans to fully integrate Credit Suisse's Swiss banking unit by 2024, resulting in 1,000 redundancies and a further 2,000 job cuts. UBS highlighted the reversal of net asset and deposit outflows at Credit Suisse and a strong CET1 ratio. Analysts praised the stabilization and de-risking of UBS, but emphasized the need for further wind-down of noncore divisions and clarity on the bank's CET1 ratio.

via CNBC|

#credit-suisse #earnings #finance

finance3 years ago•4 min saved

Swiss Prosecutors Investigate Credit Suisse Takeover by UBS

Switzerland's top prosecutor has opened an investigation into potential crimes related to UBS's takeover of Credit Suisse, while the emergency combination of the two banks begins to take shape. The deal signed last month may reduce the overall workforce by up to 30%, with as many as 11,000 cuts in Switzerland and another 25,000 worldwide. UBS has said it estimates that savings of about $6 billion are possible from reducing headcount.

via Yahoo Finance|

#credit-suisse #finance #investigation

business3 years ago•4 min saved

Sergio Ermotti: The Cost-Cutting Banker Restoring Switzerland's Reputation.

Sergio Ermotti, former CEO of UBS, has been appointed as the new CEO of the bank, replacing Ralph Hamers from April 5. Ermotti's task is to integrate fallen rival Credit Suisse into UBS, which is essential for both banks' clients, people, and investors, for Switzerland and for the global financial system in general. Ermotti's experience in picking UBS up from the canvas after the 2008 financial crisis rendered him uniquely qualified to lead the new combined entity through what promises to be a challenging and drawn-out integration.

via CNBC|

#business #credit-suisse #financial-stability