{
}
UBS reported a net profit of $1.43 billion for the third quarter, significantly surpassing analyst expectations of $667.5 million, following the completion of initial client migrations from Credit Suisse. The bank aims for $7 billion in savings from the integration by the end of 2024, amid challenges in merging IT systems and navigating a changing economic landscape. CEO Sergio Ermotti faces pressures from geopolitical volatility and competition from U.S. banks, while the Swiss economy shows signs of stability with low inflation.
UBS reported a net profit of $1.43 billion for the third quarter, significantly surpassing analyst expectations of $667.5 million, driven by successful client migrations from Credit Suisse. The bank's revenue reached $12.33 billion, and it anticipates completing a $1 billion share buyback program in Q4. Despite challenges in integrating IT systems and client accounts, UBS aims for $7 billion in savings from the Credit Suisse acquisition by the end of 2024.
Banco Santander, Lloyds Banking Group, and UBS have successfully executed the first uncleared bilateral margin payments using a digital representation of central bank funds on the Sterling Fnality Payment System (£FnPS). This milestone demonstrates the functionality of a regulated Distributed Ledger Technology (DLT)-based payment system for settling inter-bank derivative exposures.The initiative is part of Fnality's broader vision to enhance financial market operations, with potential future applications for cleared margin payments pending regulatory analysis. Additionally, Adhara's MarginBloc technology aims to improve intraday margining processes, further streamlining cash settlement for margin transactions.
Banco Santander SA is set to cut 1,425 jobs in the UK as part of its initiative to simplify and automate processes, according to CEO Hector Grisi. He indicated that further job reductions could occur, depending on the staffing needs for customer relations and other areas.
Fnality has successfully executed pilot transactions for margin payments using tokenized central bank money, with participation from Lloyds, Santander, and UBS. The platform, backed by over 20 global institutions, aims to support multiple currencies and is exploring cleared margin payments and repo transactions, pending regulatory approval. The initiative highlights the potential of distributed ledger technology in automating bank balance sheet operations.
Banco Santander SA anticipates that a UK investigation into auto lending practices will impact its profits by significantly less than €600 million. Chief Financial Officer Jose Garcia Cantera expressed confidence that the financial effect will not be material for the group.
Banco Santander SA reported a net income of €3.25 billion ($3.5 billion) for the third quarter, surpassing profit expectations despite a 2% decline in net interest income from the previous quarter. The bank is adapting to lower interest rates, although fee income also decreased during this period.
At a significant event in Spain, leaders from various sectors discussed the intersection of social responsibility, technology, and economic progress. Key topics included the importance of a just energy transition, the role of healthcare in prevention, and the necessity of strategic alliances to support vulnerable communities. The dialogue emphasized that integrating social impact into corporate strategies is essential for fostering a more equitable society.
Banco Santander SA has initiated a job cut program at its UK headquarters to reduce costs. The redundancy process began last week, although specific numbers of affected employees have not been disclosed.
Argentina is negotiating with several banks, including Banco Santander and JPMorgan, to secure a $2.7 billion repurchase agreement over three years. This funding is aimed at meeting upcoming debt obligations due in January, as discussions are being led by the country's central bank.
Banco Santander, S.A.
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
ubs reports strong third quarter profit of 1.4 billion dollars
United States Dollar
Swiss Franc
Euro
Deutsche Bank Aktiengesellschaft
Banco Santander, S.A.
UBS AG
Credit Suisse Anlagestiftung
BNP Paribas SA
FRA
ESP
CHE
DEU
USA
Goldman Sachs
Sergio Ermotti
Show more
06:54 30.10.2024
ubs reports strong third quarter profit of 1.4 billion dollars
Swiss Franc
Euro
United States Dollar
UBS AG
Credit Suisse Anlagestiftung
Morgan Stanley
Banco Santander, S.A.
Deutsche Bank Aktiengesellschaft
The Goldman Sachs Group, Inc.
BNP Paribas SA
DEU
SGP
JPN
HKG
CHE
LUX
Deutsche Bank
Sergio Ermotti
Goldman Sachs
Morgan Stanley
Show more
06:54 30.10.2024
banks complete first uncleared margin payments using digital central bank funds
British Pound Sterling
Banco Santander, S.A.
Lloyds Banking Group plc
UBS AG
John Whelan
Peter Left
Show more
03:41 30.10.2024
santander to cut 1425 jobs in uk amid automation efforts
16:11 29.10.2024
Fnality conducts pilot transactions for margin payments using tokenized central bank money
Euro
British Pound Sterling
United States Dollar
Banco Santander, S.A.
Eurex GmbH
UBS AG
Lloyds
Bank of England
USA
GBR
John Whelan
Show more
12:20 29.10.2024
santander expects minor profit impact from uk motor finance investigation
10:23 29.10.2024
santander reports strong third quarter profit despite interest income decline
06:58 29.10.2024
companies unite for social impact and sustainable development in spain
Euro
Ferrovial 001 SA
Mahou San Miguel
Deloitte SL
GSK Servicios SL
Repsol, S.A.
Inditex SA
Banco Santander, S.A.
HP Inc.
ESP
Fernando Ariza
María Ángeles Durán
Jesús Núñez
Marta Aisa
Ramón Reyes
Show more
22:30 25.10.2024
Santander initiates job cuts at UK unit to reduce costs
17:26 25.10.2024
argentina seeks 2.7 billion loan to address upcoming debt maturities
23:45 23.10.2024
Trending
Subcategory
Corporate News
Stock Market Updates
Industry Trends
Banking Regulations
Finance Mergers & Acquisitions
Global Financial Events
Retail and Consumer Goods
CEO Changes
Industry Mergers & Acquisitions
Central Bank Actions
Global Trade Developments
GDP Growth & Recession Forecasts
Financial Scams and Security
Market Analysis and Predictions
Inflation and Monetary Impact
Government Policies
Government Economic Policies
Workplace Trends
Startups & Entrepreneurship
Supply Chain Management
Countries:
Companies:
The Goldman Sachs Group, Inc.
JPMorgan Chase & Co.
Tesla, Inc.
Apple Inc.
Barclays PLC
Bank of America Corporation
Wells Fargo & Company
Citigroup Inc.
Deutsche Bank Money Market PP
Morgan Stanley
Huawei Technologies CO. Ltd.
Lloyds Banking Group plc
Credit Suisse Lux Digital Healt
Microsoft Corporation
UBS Group AG
Amazon.com, Inc.
Banco Santander, S.A.
Credit Suisse Strategic Income I
BNP Paribas SA
NVIDIA Corporation
Currencies:
United States Dollar
Euro
Chinese Yuan
British Pound Sterling
Swiss Franc
Japanese Yen
Indian Rupee
Russian Ruble
Australian Dollar
Canadian Dollar
United Arab Emirates Dirham
Indonesian Rupiah
Saudi Riyal
South Korean Won
Danish Krone
Offshore Chinese Yuan
Turkish Lira
Hong Kong Dollar
Mexican Peso
Malaysian Ringgit
People: