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Ubs Group Ag

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financial-and-markets-regulation2 hours ago•4 min saved

Switzerland tightens banking oversight after Credit Suisse crisis

Switzerland launched a consultation on tougher regulation after the Credit Suisse rescue, giving FINMA broader powers to intervene in troubled banks and levy fines, while boosting executive accountability and allowing bonus deferrals for systemically important banks. The package also seeks about $20 billion of extra capital for UBS’s foreign subsidiaries. Part of the Too Big to Fail overhaul, the reforms aim to reduce systemic risk and avoid future state rescues, with enactment potentially no earlier than 2029 and some elements softened amid pushback from banks and lawmakers.

via Financial Times|

#banks #credit-suisse #financial-and-markets-regulation

business8 days ago•4 min saved

UBS hit with record $125m AML penalty for lax controls

US FinCEN fined UBS $125 million—the largest penalty against a broker-dealer for Bank Secrecy Act violations—after finding UBS Financial Services failed to implement an effective AML program and to properly screen over $10 billion in foreign currency transactions from 2019–2023. The penalties, also levied by the SEC, CFTC and FINRA, label UBS a repeat offender and criticize a flawed Excel-based monitoring system that missed hundreds of alerts and weak due diligence on high-risk clients, including a Russian oligarch with ties to Putin. UBS says it has remediated its AML program and views the action as closure on a legacy matter.

via Financial Times|

#business #european-banks #financial-crimes-enforcement-network

finance2 years ago•0 min saved

"UBS Strategists Warn of 'Real Risk' as Fed Considers Hiking Rates to 6.5%"

UBS Group AG strategists warn that the Federal Reserve may raise interest rates to as high as 6.5% next year due to strong US growth and persistent inflation, despite the bank's base case for two rate cuts this year. The possibility of inflation not declining to the Fed's target could prompt a shift back to rate hikes, leading to a significant selloff in bonds and stocks, as markets have already reduced expectations for policy easing in light of robust US economic data.

via Bloomberg|

#federal-reserve #finance #inflation

business-finance2 years ago•1 min saved

"UBS Upgrade Spurs UPS Stock Surge on Cost-Cutting Success"

United Parcel Service Inc. saw its shares rise the most in over a year after UBS Group AG upgraded the courier to buy, citing expectations of continued cost reduction efforts following the elimination of 12,000 management jobs. Analyst Thomas Wadewitz anticipates UPS’ investor day on March 26 will reveal plans for margin expansion and earnings growth, driven by potential cost savings of over $2 billion annually through automation and rationalization. Despite a disappointing earnings report, UPS aims to save over $1 billion by cutting management jobs and potentially reduce headcount by 20,000 in sorting and delivery stations. The company is also regaining market share lost to FedEx Corp. in 2023, and analysts see an 11% return potential over the next 12 months.

via Yahoo Finance|

#business-finance #cost-cuts #earnings-growth