UBS expansion plans ruined by new Swiss bank capital regulations
UBS might need to slow its roll because Switzerland’s finance honchos just rolled out some tough new rules that’ll make it pricier for the bank to grow. In an interview, the country’s finance minister threw down the gauntlet, saying that UBS, along with other big banks, will need to beef up their capital if they […]
Goldman Sachs, Citadel Securities, Citigroup, and UBS join BlackRock’s Bitcoin ETF
BlackRock just beefed up its Bitcoin ETF (exchange-traded fund) lineup with heavyweights from Wall Street stepping into the ring. The latest roster features the likes of ABN AMRO Clearing, Citadel Securities, Citigroup Global Markets, Goldman Sachs, and UBS Securities. This move represents a strategic pivot in the way Bitcoin ETFs are perceived and operated within […]
UBS intensifies cost reductions amid Credit Suisse merger
The banking behemoth UBS has found itself navigating turbulent waters as it reports back-to-back quarterly losses, a direct fallout from its bold move to rescue its beleaguered competitor, Credit Suisse. This financial quagmire saw UBS posting a $279 million loss in the last quarter of the previous year, a figure slightly less grim than market […]
UBS steps into crypto, offering conditional Bitcoin ETF access
UBS, the renowned Zurich-based banking giant, has decided to allow select clients access to trade Bitcoin ETFs (Exchange Traded Funds). Notably, the bank will not proactively solicit these trades; only accounts aligned with a higher risk tolerance will be eligible for this new offering. This strategic decision positions UBS cautiously in the rapidly evolving digital […]
UK financial heavyweights embrace blockchain for payments revolution
Blockchain technology continues to make inroads into traditional finance, with major financial firms, including Lloyds Banking Group, Banco Santander, and UBS, participating in the recent launch of a liquidity management network. The Sterling Fnality Payment System, developed by blockchain payments startup Fnality, facilitated live payments within the Bank of England’s real-time gross settlement service. Fnality’s […]
Credit Suisse results in $400m property expense for UBS
UBS, the renowned Swiss banking giant, has found itself grappling with a hefty $400 million in real estate expenses. This financial burden stems from its recent acquisition of Credit Suisse, a move that has necessitated breaking leases and rebranding efforts across key global office locations. The takeover, a landmark event in the banking sector, has […]
UBS commits to expanding in the United States
Swiss banking powerhouse UBS is setting its sights on significant expansion in the United States. This strategic move is part of their ambitious goal to accumulate $150 billion in new funds annually. Iqbal Khan, the chief of UBS’s asset management division, shared this vision in a recent interview, revealing plans to invest heavily in the […]
UBS demands stricter penalties for banks – Why?
In an unexpected twist, UBS Chief Executive Sergio Ermotti has stepped into the spotlight, advocating for more stringent regulatory measures and penalties for negligent bankers. This call for action stems from the recent tumultuous downfall of Credit Suisse, a significant player in the Swiss banking sector. Ermotti’s stance, particularly coming from a senior banking executive, […]
UBS extends crypto ETF trading to Hong Kong-based clients
UBS, following in the footsteps of HSBC Holdings Plc, is expanding its offerings to include crypto-linked exchange-traded funds (ETFs) for its clients in Hong Kong. This move comes amid the city’s concerted efforts to establish itself as a digital asset hub. Starting from Friday, three crypto ETFs authorized by the Securities and Futures Commission (SFC) […]
UBS Q3 loss hit $780 million post-Credit Suisse takeover
As the dust settles on one of the most audacious takeovers in banking history, UBS Group has emerged with a significant financial bruise. The Swiss banking titan’s third-quarter report paints a stark picture: a $785 million loss hanging over shareholders’ heads—a figure that overshadows the analysts’ projections of a $444 million shortfall. This comes on […]
Credit Suisse deal draws $9b in pending legal claims – The details
When UBS snapped up Credit Suisse for a cool $3.3 billion, the Swiss government sighed a breath of relief. The acquisition seemed to temporarily stave off a European banking crisis. However, the relief was short-lived. Now, with $9 billion in legal claims already pounding on the door, this supposed win might be more of a […]
UBS and Ethereum blockchain team up to revolutionize money market funds
UBS Asset Management, a giant in the global fund sector, has just commenced a live pilot of its tokenized money market fund on the Ethereum blockchain. In this venture, UBS employs its proprietary service, UBS Tokenize, to explore on-chain activities such as subscriptions and redemptions. According to Thomas Kaegi, the head of UBS Asset Management […]
UBS strikes a deal in Mozambique-Credit Suisse saga
As financial tremors ripple across the globe, UBS has demonstrated once again its knack for strategy and survival, stepping forward to finalize a settlement with Mozambique amidst the ongoing Credit Suisse £2bn “tuna bond” debacle that plagued the African nation’s finances. Their recent agreement, aiming to clear up the fiasco, just narrowly escaped the gavel […]
Credit Suisse’s $2.2b bombshell: UBS breaks up with Apollo
In an audacious reveal, Credit Suisse has forecasted a whopping $2.2 billion loss for the third quarter as repercussions emerge from the takeover by UBS. If ever there was a clear testament to the tumultuous terrain of bank mergers, this is it. The Rundown of Credit Suisse’s Losses Diving into the details, the significant losses […]
Mastering China: UBS reveals winning strategy amid tensions
With the looming unpredictable clouds over China’s economic landscape, UBS has recently shed some light on how to navigate this turbulent financial storm. Drawing upon their insights and expertise, they’ve carved a roadmap for investors who are brave enough to venture into this complex territory. UBS: Finding Opportunity amidst the Chaos UBS doesn’t shy away […]
UBS’s Credit Suisse rescue: The insane deal that broke records
If you had told me a few months ago that UBS would pull off one of the most audacious deals in banking history, I might have laughed. But here we are. When UBS, Europe’s now second-most valuable bank, decided to swoop in and save the drowning Credit Suisse, many eyebrows shot up in surprise. Today, […]
UBS makes profit history with Credit Suisse takeover
Setting the stage for a historical performance in the banking sector, UBS has showcased a profit spectacle rarely witnessed before. The Swiss financial mammoth has proudly marked its territory by reporting an astonishing $29 billion quarterly profit. The monumental gain is tethered to its acquisition of Credit Suisse, demonstrating the high stakes and returns of […]
US mortgage bond case: UBS settles for $1.4 billion
In a climactic finish to a long-standing regulatory saga, UBS is set to part ways with a staggering $1.4 billion. This hefty sum marks the bank’s settlement to resolve allegations of mis-selling residential mortgage bonds leading up to the notorious 2008 financial meltdown. This case stands as the final piece in the mosaic of governmental […]
UBS left $10b state backing behind in Credit Suisse deal
UBS boldly declared independence from a hefty financial safety blanket. A once-crucial $10.3 billion state support, granted during their acquisition of Credit Suisse, is now left behind in the banking behemoth’s rearview. The move highlights the bank’s renewed confidence, but more importantly, it’s a nod to the shifting undercurrents of global finance and the political […]
Credit Suisse’s retail investors attack UBS – Why?
UBS, fresh off its acquisition of Credit Suisse, finds itself amidst yet another storm. The tumultuous takeover, that many saw as a bargain, has stirred the emotions and anger of hundreds of individual shareholders, including those who once worked loyally for the bank. On Monday, in the hallways of Zurich’s commercial court, these shareholders are […]
UBS prepares for investment bank overhaul
The global banking giant UBS is bracing for a significant restructuring within its investment banking division. Following the emergency acquisition of Credit Suisse in June, the transformation marks a critical juncture in the integration process. The restructuring underscores a determined, though possibly brutal, effort by UBS to merge operations with Credit Suisse, casting the future […]
Investors embrace UBS-Credit Suisse deal with enthusiasm
Investors are reacting positively to the emergency takeover of Credit Suisse by Switzerland’s largest bank, UBS. The deal, viewed by many as a promising strategic move, could reposition UBS as a prominent player in the financial landscape, despite concerns of potential job losses and a complex integration process. Promising opportunities amid risks The takeover, completed […]
Ernst & Young scores mega audit deal with UBS bank
In the highly competitive landscape of financial services, professional service titan Ernst & Young (EY) has landed an exceptional contract to audit UBS, the Swiss multinational investment bank and financial services company. EY is taking over from PricewaterhouseCoopers (PwC), following UBS’s recent acquisition of Credit Suisse. A change in guard for UBS: From PwC to […]
UBS ramps up hiring to serve affluent US investors
Unmistakably, UBS is making strides in strengthening its footing in the highly lucrative U.S. wealth market. In a bold move, UBS intensifies hiring wealth managers to cater to the affluent American populace, a move unfolding even as the financial giant mulls over shedding up to a third of its workforce globally, following the acquisition of […]
Political backlash looms over UBS-Credit Suisse deal as UBS seeks to avoid taxpayer funding
UBS Group AG, Switzerland’s largest bank, is set to make a decisive statement next month, clarifying that its rescue of Credit Suisse will not involve funding from Swiss taxpayers, according to a report by the Financial Times on Sunday. However, the bank intends to alleviate the mounting political pressure surrounding the deal, particularly with national […]
UBS’s plan for Credit Suisse’s investment bank
Setting a historic precedent in the world of banking, UBS has completed the acquisition of Credit Suisse, its scandal-ridden rival. Focused on mitigating risks, UBS is undertaking a challenging initiative rarely attempted before – dismantling the unprofitable and capital-intensive business to its very foundations. Stripping back to basic foundations UBS’s bold step could potentially have […]
UBS CEO is confident about his company’s future
The Swiss banking industry is on the precipice of a significant transformation as UBS, one of the country’s banking giants, seals its historical acquisition of former competitor, Credit Suisse. In the wake of the deal, UBS CEO Sergio Ermotti took it upon himself to bolster confidence in his organization and reassure Swiss stakeholders of its […]
UBS completes takeover of Credit Suisse, imposing stricter regulations
UBS has successfully concluded its emergency acquisition of troubled local rival Credit Suisse, establishing a colossal Swiss bank with a balance sheet worth $1.6 trillion. The merger is the largest banking deal since the 2008 global financial crisis, positioning UBS as a dominant force in wealth management and offering numerous opportunities for clients, employees, shareholders, […]
UBS’s post-takeover rules for Credit Suisse staff
Brace for significant shifts in business operations as UBS, one of the world’s largest and most influential banks, readies for the monumental takeover of its competitor, Credit Suisse. As the day of fusion approaches, there is a palpable sense of anticipation and stringent restrictions prepared for the incoming Credit Suisse bankers. A red line approach […]
Credit Suisse CEO teases UBS deal finalization
Credit Suisse, the prominent Swiss banking conglomerate, is bracing for an unprecedented transition as it nears the completion of its emergency takeover by rival UBS AG. The deal, according to the bank’s Chief Executive, Ulrich Koerner, is expected to close on Monday, signaling a transformative shift in the landscape of the Swiss banking industry. Ulrich […]
UBS and Swiss govt’s shocking deal to safeguard losses
UBS and the Swiss government have solidified an agreement to insulate UBS from potential losses tied to its impending takeover of Credit Suisse. The deal, signed on Friday, positions the government as the safety net for UBS, agreeing to absorb losses up to 9 billion Swiss francs (approximately $10 billion) linked to specific Credit Suisse […]
UBS’s Credit Suisse takeover set to conclude in a week
The long-anticipated unification of two Swiss banking titans, UBS and Credit Suisse, is scheduled to conclude in a week. This colossal merger, fostered by a government-backed salvage operation earlier this year, is set to birth a behemoth in the banking industry, boasting a balance sheet that tips the scales at $1.6 trillion. Preparing for a […]
UBS assessing results delay post-Credit Suisse takeover
Swiss banking colossus, UBS, is reportedly mulling over the prospect of postponing its quarterly results until late August, as it grapples with the complexities arising from its acquisition of Credit Suisse. This information comes in light of a recent Financial Times report. The UBS leadership is said to be deliberating over deferring the results’ publication […]
UBS faces job challenges post-Credit Suisse takeover
The anticipated fusion of banking giants, UBS and Credit Suisse, has been met with enthusiasm by market watchers, even as UBS grapples with job complexities. Sergio Ermotti, UBS Chief Executive, recently addressed these concerns, acknowledging the difficult choices the merger necessitates in terms of job cuts. The top brass at UBS has been tasked with […]
Swiss Social Democratic Party proposes shrinking UBS assets after Credit Suisse takeover
Switzerland’s Social Democratic Party has proposed limiting the size of UBS’s assets following its acquisition of Credit Suisse, according to the Aargauer Zeitung newspaper. The party, the second largest in the Swiss parliament, argues that the combined bank’s balance sheet, estimated to be around 1.5 trillion Swiss francs, poses significant risks to the country, especially […]
UBS expects $17 billion loss from Credit Suisse rescue
In a bold financial maneuver, UBS Group AG is bracing for a staggering $17 billion fallout following its swift rescue of domestic competitor Credit Suisse. UBS, the banking titan of Switzerland, acknowledges that the rushed nature of this deal may have compromised the thoroughness of its due diligence process, according to a recent filing with […]
Credit Suisse CEO tapped to join UBS leadership team
UBS Group announced on May 9 that Credit Suisse CEO Ulrich Koerner will remain in the leadership team following the acquisition of its Swiss rival. The reshuffle also sees Todd Tucker, currently the finance chief of UBS’s core asset management business, promoted to group chief financial officer, succeeding Sarah Youngwood who is set to leave […]
UBS ready to pounce on Credit Suisse with new leadership lineup
UBS Group AG’s Chief Executive Sergio Ermotti has reportedly shortlisted key Credit Suisse Group AG executives to join the management team as the Swiss bank giant prepares to finalize its merger with the struggling rival, according to the Financial Times. The imminent merger, set to be completed by the end of May or early June, […]
UBS was actually wary of buying Credit Suisse – Why?
Investment banking company UBS was considering the potential impact of buying struggling rival Credit Suisse as early as December, months before the takeover was hastily arranged by Swiss authorities in March, according to a regulatory filing. UBS’s Early Considerations The filing with the U.S. Securities and Exchange Commission (SEC) revealed that UBS concluded in February […]
7 European institutions harnessing the power of blockchain technology
In recent years, European institutions have increasingly embraced the potential of blockchain technology, with many banks and financial organizations developing and adopting blockchain-based solutions. Here is an overview of some of the initiatives undertaken by European financial institutions that demonstrate the maturing blockchain space. Societe Generale Societe Generale, France’s third-largest bank, launched the Ethereum contract […]
