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...UBS agreed to rescue Credit Suisse last March in a deal orchestrated by Switzerland’s finance ministry, financial regulator and central bank....
...The bank’s state-ordered takeover by UBS last year has led to at least $9bn of legal claims, largely related to the decision by Swiss regulator Finma to write down billions of dollars of Credit Suisse debt...
...The Swiss lender has taken a $200mn expense on the Credit Suisse leases for 2022 and another for 2023, according to a filing to US Securities and Exchange Commission published on Friday....
...Activist investor Cevian Capital has taken a €1.2bn stake in UBS, betting that the Swiss bank can double its valuation over the next three to five years....
...sale of the bank to UBS, the Swiss government in effect expropriated their assets....
...UBS agreed to a government-brokered takeover of Credit Suisse six months ago in the most significant bank merger since the financial crisis, which has already attracted lawsuits from investors who lost billions...
...UBS chair Colm Kelleher has said the bank is “seriously concerned” about proposed new Swiss financial rules that would significantly increase its capital requirements....
...The Swiss bank announced a new share repurchase programme on Tuesday, having suspended its previous plan a year ago following its rescue of former rival Credit Suisse....
...UBS has made Sergio Ermotti Europe’s best-paid bank boss less than a year after he returned to the lender, saying the Swiss executive had successfully steered the integration of rival Credit Suisse....
...Less than a year after UBS’s rescue of Credit Suisse, just a handful of Credit Suisse senior managers remain at the enlarged Swiss bank, including former chief executive Ulrich Körner....
...At the time, Credit Suisse said a change to the contract would lead to a $600mn loss for the bank. But on Wednesday, UBS confirmed it would be a $900mn loss....
...Over two days this month, UBS drafted in Roger Federer, Bill Ackman and the head of Covid vaccine maker Moderna to give a series of motivational talks to the Swiss lender’s 250 most senior private bankers...
...UBS has set out plans for deeper cost cuts as the mammoth integration of rival Credit Suisse helped drive the Swiss bank to a second straight quarterly loss....
...Switzerland’s decision last year to merge Credit Suisse with UBS was an “unhelpful” way to deal with a failing global bank and US regulators would not shrink from a full shutdown in a similar situation,...
...In this case, Swiss authorities had a plan, and they executed it. Brutal, but swift, decisive, and with limited systemic risk....
...But the US remains a huge part of the unit’s income and costs. It has the highest cost/income ratio in the bank, at 89 per cent as of September....
...International banks Goldman Sachs, JPMorgan, Morgan Stanley, UBS and HSBC had spent months lobbying to work on the Syngenta listing, drawn to the prospect of advising a large international company that has...
...It’s also unlikely that the Swiss authorities will engage in a similar “bailout” any time soon, considering the political backlash they faced . . . and the lack of any Swiss buyer able to swallow a bank...
...But the Swiss bank still struck an upbeat tone on Tuesday. Shares rose as much as 4 per cent, as it reported a stronger than expected inflow into its wealth management arm in the third quarter....
...The long-running problems at Credit Suisse came to a head in March, when a collapse in the bank’s share price and exodus of client assets prompted Swiss authorities to call on UBS to rescue its neighbour...
...“Ever” for bank investors, it turns out, is a very short time. This month, in an epic plot twist, UBS itself issued a substantial $3.5bn of AT1s....
...The Swiss bank recently extended a $9bn credit facility to Qatar’s former prime minister, Sheikh Hamad bin Jassim bin Jaber al-Thani, who was a client of UBS and Credit Suisse....
...The case, which has dogged the Swiss lender for a decade, is set to continue and adds to a long list of legal disputes for the bank, many of which are tied to its rescue of Credit Suisse earlier this year...
...An initial offer of liquidity from the Swiss National Bank finished with a shotgun marriage to UBS in late March....
...“The terms and conditions of UBS Group AG’s AT1 issues together with the legislative framework give the Swiss authority the capability to determine whether a viability event has occurred, even if the capital...
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