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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....
...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....
...People close to the company said Credit Suisse holds the title to the aircraft through its aviation leasing division as security against financing provided to a client....
...UBS declined to comment....
...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....
...The New York-based securitised products business packaged debts, such as mortgages and loans for yachts, before selling them on as securities....
...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....
...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....
...A UBS insider described Khan’s task as a “three-year job interview”....
...UBS said it expected the division to return to profit in the first quarter....
...UBS already has a securities unit in mainland China and cannot hold two licences....
...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...
...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....
...The $3.5bn deal reportedly attracted north of $35bn of orders, more than twice the amount of AT1 securities destroyed by the Swiss authorities....
...The announcement was quickly followed by the China Securities Regulatory Commission issuing four notices that pledged to make greater efforts in guiding long-term capital to enter the market, curb short...
...The most controversial element of the Credit Suisse takeover was that it included bondholders holding $17bn of additional tier one securities being wiped out....
...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?...
...At UBS, women were paid 43 per cent less than men. At Morgan Stanley the gap was 48 per cent, and at Bank of America, 42 per cent....
...UBS has promised to buy back up to $2bn of shares, taking the total European lenders have pledged to return to investors this year to more than $130bn....
...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....
...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....
...Across the group, UBS had $33bn of net new deposits, with two-thirds coming from Credit Suisse clients....
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