Hints and tips:
Related Special Reports
...bad bank division of $2.5bn this year, down from a previous expectation of $4bn....
...The final chief executive of Credit Suisse, Ulrich Körner, is set to leave UBS in the coming weeks, as the Swiss bank prepares to complete a crucial step in the integration of its former rival....
...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....
...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....
...UBS returned to profit in the first quarter of the year, comfortably beating analyst expectations, as the Swiss wealth manager began to enjoy the benefits of its takeover of former rival Credit Suisse....
...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....
...Big share price moves in Europe this morning include Swiss bank UBS, German chipmaker Infineon and Italian lender UniCredit....
...Jordan joined the SNB in 1997 and oversaw the creation of a fund to take over illiquid assets from UBS during the fallout of the financial crisis....
...UBS has donated a collection of 166 photographs to the National Gallery of Art (NGA) in Washington, DC, the bank’s largest single donation to a museum....
...Thomas Jordan, the long-standing chair of the Swiss National Bank, announced his resignation on Friday, bringing to an end a turbulent tenure of unorthodox policymaking....
...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....
International Edition