Tag: $UBS

Swiss bank UBS on Wednesday posted a quarterly profit that was double the market forecast, buoyed by investment banking and larger-than-expected savings from the integration of its one-time rival Credit Suisse.

Switzerland’s consumer pricing watchdog has put UBS under observation following its takeover of Credit Suisse, the regulator said on Thursday, amid concerns that the market power of the enlarged lender could lead to higher loan charges.

UBS is pushing the Swiss government to clarify how much more the bank will need to hold in capital buffers after buying Credit Suisse, amid concerns the talks will drag on for months, unnerving investors, sources familiar with the matter said.

UBS on Monday offered to return the vast majority of investments put into a group of Credit Suisse funds that were hit by the collapse of the scandal-ridden financier Greensill Capital in 2021, as the Swiss banking giant seeks to resolve legacy issues deriving from its acquisition of its main domestic rival last year.

UBS said on Thursday it would split its top wealth management role as part of a shake-up, opens new tab of its executive board, creating new responsibilities for two leading contenders to eventually run the Swiss bank after CEO Sergio Ermotti.

UBS has ruled out appointing an outsider as the successor to CEO Sergio Ermotti, and plans to choose from a shortlist of three internal candidates when he steps down in about three years, the Financial Times reported on Monday.

UBS on Tuesday reported a swing back to profit after two quarterly losses as it smashed first-quarter expectations, with results bolstered by higher wealth management revenues

UBS confirmed to CNBC that it is offering additional tier 1 securities, but did not comment on the details of the contracts and said it will provide additional information when the offering is complete.

The bank recorded an underlying operating profit before tax of $844 million, well ahead of consensus expectations.

UBS’s chief executive said on Tuesday that the momentum is pretty positive at the Swiss bank, which manages $5.5 trillion in assets since merging with former rival Credit Suisse earlier this year.

UBS shares reached their highest point since late 2008 during early trade in Zurich on Thursday, after the Swiss banking giant posted a mammoth profit beat and announced thousands of layoffs as it plans to fully absorb Credit Suisse’s Swiss bank.

UBS on Friday said that it has ended a 9 billion Swiss franc ($10.27 billion) loss protection agreement and a 100 billion Swiss franc publicly liquidity backstop that were put in place by the Swiss government when it took over rival Credit Suisse in March.

UBS Group is looking to cut more than half of Credit Suisse’s workforce from next month as a result of the bank’s takeover, Bloomberg News reported on Tuesday.

UBS expects to complete its takeover of Credit Suisse “as early as June 12”, which will create a giant Swiss bank with a balance sheet of $1.6 trillion following a government-backed rescue earlier this year.

UBS estimates a financial hit of around $17 billion from its emergency takeover of Credit Suisse, according to a regulatory filing, and said the rushed deal may have affected its due diligence.

UBS Chief Executive Sergio Ermotti said on Friday that the situation at Credit Suisse has stabilized and he did not think outflows at the embattled bank were continuing.