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...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....
...Ermotti told analysts on Tuesday that UBS had not been consulted on the proposals and had no idea what the hit would be for the bank....
...UBS agreed to rescue Credit Suisse last March in a deal orchestrated by Switzerland’s finance ministry, financial regulator and central bank....
...UBS began removing Credit Suisse’s brand in New York in August, replacing signs at the collapsed bank’s US headquarters....
...Late last year, activist investor Cevian Capital bought €1.2bn of UBS shares, making it one of the bank’s biggest shareholders....
...During his speech at the bank’s AGM, UBS chief executive Sergio Ermotti said he agreed with Kelleher’s view on capital needs and said it was a “source of great concern” that the bank was perceived to enjoy...
...Ermotti’s award comes as the bank’s bonus pool shrank 14 per cent compared with the combined pool at UBS and Credit Suisse in 2022....
...The activist bought €1.2bn of UBS stock last year in anticipation of the bank’s valuation doubling....
...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....
...The former head of Credit Suisse’s wealth management business, Francesco de Ferrari, has become the latest executive of the fallen bank to leave UBS....
...Overall, provisions relative to loan books might increase a few basis points this year to 0.49 per cent, thinks UBS....
...Szarkowski built the collection from 1991 for PaineWebber bank, which was later acquired by UBS....
...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....
...NatWest has appointed former UBS executive Emma Crystal as chief executive of its private bank Coutts, following the exit of its former chief in the wake of the Nigel Farage “debanking” scandal....
...She has spent the past year heading a sustainable finance division at UBS following its rescue of rival Swiss bank Credit Suisse....
...Big share price moves in Europe this morning include Swiss bank UBS, German chipmaker Infineon and Italian lender UniCredit....
...The bank had paused its capital returns when it agreed to buy Credit Suisse last March....
...Analysts at the bank said they derived the figure by making estimates based on calculations on excess transactions for 54 Chinese ETFs....
...Some European banks, such as Barclays and Deutsche Bank, may have lacked ambition on their ROTE targets. Both have proffered vague “above 10 per cent” goals for the coming years....
...UBS chief executive Sergio Ermotti said he was surprised by global regulators’ failure to prepare for the impact of rising interest rates on weak banks, as well as for the speed of withdrawals allowed by...
...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...
...Some of the highest gaps recorded were by the local operations of investment banks. At UBS, women were paid 43 per cent less than men....
...It’s definitely growing, as Bank of America points out in a recent note....
...The Fed sets rigorous capital and liquidity requirements, along with regular stress tests, to confirm banks’ ability to withstand major adverse shocks....
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