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...Ermotti said the only reason UBS was allowed to take over its rival was because Credit Suisse was failing after years of loss making....
...In October, UBS removed the large Credit Suisse logo from the top of One Cabot Square....
...UBS executives have pushed through the sale after criticising Credit Suisse’s high risk-taking and high-reward culture....
...This month UBS also said it would raise its dividend by 27 per cent to 70 cents a share in May and buy back up to $1bn of shares in 2024....
...UBS declined to comment....
...UBS has just under $10bn of provisions and contingent liabilities for litigation and regulatory matters, according to estimates by JPMorgan....
...Swiss banking rules have come into sharp focus since the collapse of Credit Suisse last March and its rescue by UBS....
...Late last year, activist investor Cevian Capital bought €1.2bn of UBS shares, making it one of the bank’s biggest shareholders....
...The pair also responded to criticism that the size of UBS within the Swiss market has harmed competition....
...UBS declined to comment and de Ferrari did not respond by the time of publication....
...But on Wednesday, UBS confirmed it would be a $900mn loss....
...A UBS insider described Khan’s task as a “three-year job interview”....
...Credit Suisse, long hobbled by a cartoonishly long list of scandals ranging from C-suite spying to Bulgarian cocaine smuggling rings, was frogmarched into a shotgun wedding with its arch rival UBS over a...
...UBS said it expected the division to return to profit in the first quarter....
...In today’s newsletter: UBS boosts its bets on the ultra-rich A private credit talent raid yields lawsuits Buyout giants target white-collar partnerships Is UBS ready to get rich?...
...Sweden-based Activist Cevian Capital, which has built a €1.2bn exposure, believes UBS may be able to do better. Apparently, UBS lacks ambition on its profitability targets....
...UBS owns a 51 per cent stake. UBS, Citadel and Ant declined to comment. The China Securities Regulatory Commission did not immediately respond to requests for comment....
...It’s likely that UBS will emerge as a stronger credit as a result, despite the split views from the rating agencies....
...The UBS chief was endorsing a package of reforms to Switzerland’s banking rules presented by a government-appointed panel of financial experts in September....
...Plus, UBS needs to boost its wealth business to make its Credit Suisse acquisition a success....
...Across the group, UBS had $33bn of net new deposits, with two-thirds coming from Credit Suisse clients....
...Ermotti returned to UBS this spring, just days after the bank agreed to rescue its former rival Credit Suisse....
...That does not necessarily mean that wealth managers such as UBS have less in their coffers. A mood of caution persists among clients, according to its boss Sergio Ermotti....
...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,...
...“UBS continues to maintain that it acted in accordance with all applicable laws and regulations at all times,” it said. “UBS will defend itself in the forthcoming trial.”...
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