Tag: UBS

March 18, 2024 BY Elizabeth Anderson

UBS a likely Titanic after Credit Suisse acquisition?

The acquisition turned UBS into a colossus with a current market cap of approximately $102.46bn. Based on Reuters information, its balance sheet totals more than $1.6tn, which is roughly double the Swiss economy. On paper, this financial giant may seem unsinkable, but economists argue that UBS is “too big to save”. The inability of Credit…

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January 29, 2024 BY Simon Mugo

UBS Lost Market Share in the Swiss Fund Management Industry

In 2023, the merged entity's market share dropped to 37.6%, a decrease from 39.3% in the previous year. Adrian Schatzmann, the head of the association, forecasts a further reduction in their market share as UBS integrates and streamlines Credit Suisse's fund offerings. He also noted that some investors seek to diversify their holdings to reduce…

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Credit Suisse
December 28, 2023 BY Sam Boughedda

Credit Suisse Fined $3.9 Million by Singapore for Relationship Managers Misconduct

According to the MAS, the relationship managers provided clients with inaccurate or incomplete post-trade disclosures, resulting in their clients being charged spreads above the bilaterally agreed rates for 39 over-the-counter (OTC) bond transactions. For the 39 transactions, MAS stated that Credit Suisse's relationship managers made false statements to their clients regarding the executed interbank prices…

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September 28, 2023 BY Elizabeth Anderson

UBS shares decrease after US Department of Justice investigation

Bloomberg News reported that the U.S. Department of Justice launched an all-out probe regarding sanction violations by Credit Suisse. As UBS merged with Credit Suisse earlier this year, it invariably falls under the authority’s spotlight, too. The Swiss government orchestrated the UBS emergency takeover to prevent an economic meltdown in Switzerland and the global impact…

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September 01, 2023 BY Elizabeth Anderson

UBS looks to axe 3,000 jobs in $10bn cost-cutting attempt

The bank, however, indicated these earnings were mostly assets acquired after the Credit Suisse takeover. The planned job cuts reflect the magnitude of the reshuffling needed after anxious clients withdrew billions when the Credit Suisse writing appeared on the wall.  Don’t miss out the latest news, subscribe to LeapRate’s newsletter As workforce reductions create the…

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August 14, 2023 BY Elizabeth Anderson

More legal setbacks for UBS after Credit Suisse takeover

The Swiss Association for the Protection of Investors (SASV – or Schweizerischer Ankegerschutzverein) represents retail investors. The SASV’s claim includes investors from the UK who took a substantial financial knock during the hurried takeover. SASV’s general secretary, Arik Röschke, stated: Credit Suisse has a strong presence in London, and many employees received shares as part…

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June 12, 2023 BY Alan Sayer

UBS Completes Credit Suisse Deal - Creates Wealth Management Powerhouse

The move by UBS to acquire Credit Suisse represents the most significant banking deal since the 2008 global financial crisis. Ermotti and Kelleher added that there are challenges but also "many opportunities" for employees, shareholders, clients, and Switzerland itself. The newly created banking giant will oversee $5 trillion of assets, meaning UBS will now take…

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Credit Suisse
April 24, 2023 BY Steffy Bogdanova

Credit Suisse reports CHF 1.3 billion losses in Q1

The bank’s adjusted net revenue stood at CHF 2.8 billion, registering a 40% decline compared to the first quarter in 2022. The adjusted pre-tax loss came in at CHF 1.3 billion for Q1, increasing by CHF 300 million compared to the previous quarter. The official announcement detailed that significant deposit and net asset outflows impacted…

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Credit Suisse
March 20, 2023 BY Steffy Bogdanova

UBS-Credit Suisse’s acquisition deal triggers global markets backlash

Regulators elsewhere are attempting to minimize the damage, and the European Banking Authority, The Single Resolution Board, and the ECB Banking Supervision committee issued a joint statement. They said: The resolution framework implementing in the European Union the reforms recommended by the Financial Stability Board after the Great Financial Crisis has established, among others, the…

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