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UBS directed to revise emergency plans after Credit Suisse takeover

UBS has been ordered by Switzerland's financial regulator, Finma, to revise its emergency and stabilization plans following its takeover of Credit Suisse. The regulator emphasized the need for enhanced crisis preparedness, particularly in light of the rapid deposit withdrawals experienced by Credit Suisse. While the annual assessment of these plans for 2024 has been suspended, concerns remain about UBS's size and its potential impact on the Swiss economy in future crises.
24 heures
Swiss Franc Credit Suisse Anlagestiftung UBS AG CHE UBS Credit Suisse Finma Show more
TradFi, News Article
09:25 15.10.2024

Swiss market rebounds as Nestlé VAT and Givaudan decline

The Swiss Market Index (SMI) has turned positive after cutting its morning losses. However, major companies like Nestlé, VAT, and Givaudan are experiencing declines, while ABB and Lonza are in demand. The euro is trading at CHF 0.9406 and the dollar at CHF 0.8665, with a slight rise in oil prices.
Finanz und Wirtschaft
Euro Swiss Franc United States Dollar Nestlé S.A. Lonza Group AG ABB Ltd CHE Show more
TradFi, Market Report
09:25 15.10.2024

finma requires ubs to enhance emergency planning and resolution strategy

The Swiss Financial Market Supervisory Authority, Finma, has mandated UBS to revise its resolution planning following insights from the Credit Suisse crisis. The current strategy, which only allows for business continuation through reorganization, is deemed insufficient. Consequently, Finma has suspended the annual assessment of UBS's stabilization and emergency plans for 2024.
MarketScreener
UBS SA CHE Oliver Hirt Olaf Brenner
TradFi, Press Release
09:15 15.10.2024

ubs to update emergency plans following credit suisse integration

UBS Group AG is required to revise its emergency recovery and resolution plans following the integration of Credit Suisse, according to Swiss financial supervisor Finma. The current strategy only allows for business continuity through restructuring, but lessons from the Credit Suisse crisis indicate that more robust options are necessary for systemically important banks.
Bloomberg.com
Credit Suisse Anlagestiftung UBS Group AG CHE
TradFi, Press Release
09:14 15.10.2024

us retail sales data set to reveal economic resilience and market trends

US September retail sales data is anticipated to show a 0.3% month-on-month growth, reflecting consumer resilience, while core sales are expected to remain at 0.1%. The Nasdaq 100 is poised to retest record highs, driven by strong tech sector performance, despite a slight dip in energy stocks due to falling crude oil prices. Overall, ten out of eleven S&P 500 sectors posted gains, with technology leading the rally.
IG
United States Dollar Apple Inc. Amazon.com, Inc. Tesla, Inc. NVIDIA Corporation USA Amazon Kamala Harris Nvidia Apple Elon Musk Show more
TradFi, Market Report
09:13 15.10.2024

ubs faces scrutiny over pension fund license amid criminal misconduct concerns

UBS faces scrutiny from the US Department of Labor regarding its ability to manage pension fund assets due to a history of criminal misconduct. The bank has applied for a temporary exemption to continue its operations in the US market, where it has paid around $20 billion in fines for various offenses since 2000. The outcome of this application remains uncertain as regulatory authorities tighten rules on corporate culture in banking.
finanzen.ch
United States Dollar UBS SA CHE USA
TradFi, News Article
09:10 15.10.2024

ubs maintains sell rating for docmorris with target price of 27 francs

UBS has maintained a 'Sell' rating for DocMorris, setting a price target of 27 francs following the third quarter results. Analyst Sebastian Vogel noted that the online pharmacy's sales met expectations, but anticipates a slight negative reaction in share prices as DocMorris continues to lag behind its main German competitor in the prescription market.
MarketScreener
Swiss Franc UBS SA CHE DEU Sebastian Vogel
TradFi, Market Report
09:10 15.10.2024

market research insights driving growth in veterinary telemedicine industry

Coherent Market Insights is a global market intelligence firm specializing in comprehensive research across various sectors, including aerospace, agriculture, and automotive. Their services include actionable insights, competitor analysis, and targeted marketing strategies to help businesses understand customer needs and identify growth opportunities. The firm emphasizes the importance of market research in reducing risks associated with new product launches and enhancing customer satisfaction.
openPR.com
ISR ARE RUS MEX DEU GBR ARG USA FRA ZAF CAN BRA SAU ITA Vaagisha Shah Show more
Healthcare, Market Report
09:10 15.10.2024

Finma suspends UBS emergency plan approval amid Credit Suisse integration challenges

Finma has suspended the approval of UBS's recovery and resolution plans due to the integration of Credit Suisse, necessitating adjustments to the bank's emergency liquidation strategies. UBS is currently revising its plans, emphasizing its robust business model and loss-absorbing capacity of approximately $200 billion. The suspension follows a secret investigation into the CS takeover, involving testimonies from key UBS and CS executives.
20 Minuten
United States Dollar Credit Suisse Anlagestiftung UBS SA CHE Ulrich Körner Axel Lehmann
TradFi, News Article
09:09 15.10.2024

ubs required to revise emergency plans after credit suisse integration

UBS is required to revise its emergency plans following the integration of Credit Suisse, as mandated by the Swiss Financial Market Supervisory Authority (Finma). The bank must expand its options for restructuring and liquidation, ensuring it can maintain stability without taxpayer support. UBS has acknowledged the need for improved liquidity planning and is working on enhancing its resolution strategies to meet regulatory requirements.
Schweizer Radio und Fernsehen (SRF)
United States Dollar Credit Suisse Anlagestiftung UBS SA CHE
TradFi, News Article
09:08 15.10.2024
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