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UBS CEO Sergio Ermotti warned that tighter capital requirements for the bank would lead to increased costs for businesses and households. Speaking in Zurich, he urged regulators to maintain current capital standards, arguing that UBS's ability to rescue Credit Suisse demonstrates the sufficiency of existing regulations. He also emphasized that higher capital demands for foreign subsidiaries could undermine Switzerland's status as a leading financial center.
UBS CEO Sergio Ermotti warned that higher capital requirements for the bank, deemed systemically relevant, would lead to increased costs for companies and households. He urged Swiss authorities to maintain current regulations, arguing that UBS's ability to rescue Credit Suisse demonstrates the adequacy of existing capital strength. Ermotti also emphasized the need for a cost-benefit analysis regarding regulatory changes, asserting that Switzerland's status as a financial hub could be jeopardized by stricter requirements for foreign subsidiaries.
UBS CEO Sergio Ermotti warned that increased capital requirements for the bank will raise costs for businesses and households. Speaking in Zurich, he urged authorities to maintain current regulations, arguing that UBS's ability to rescue Credit Suisse demonstrates the adequacy of existing capital strength. He also emphasized the need for a cost-benefit analysis regarding regulatory changes, as higher requirements could undermine Switzerland's status as a leading financial center.
UBS CEO Sergio Ermotti warned that higher capital requirements for the bank, deemed systemically relevant, would lead to increased costs for companies and households. He urged Swiss authorities to maintain current capital standards to support the nation's financial sector and avoid risks similar to those faced by Credit Suisse. Ermotti also dismissed a recent study suggesting UBS benefits from a state guarantee, claiming it relied on outdated data.
UBS CEO Sergio Ermotti has expressed confidence in the current capital requirements, arguing they are sufficient for the bank's stability and competitiveness. He criticized proposals for stricter regulations, particularly a 100% equity backing for foreign investments, calling it excessive. Ermotti reaffirmed UBS's commitment to Switzerland and highlighted successful cost-saving measures following the acquisition of Credit Suisse.
UBS CEO Sergio Ermotti expressed support for current capital requirements, arguing they are sufficient for maintaining competitiveness and stability in the banking sector. He criticized proposals for stricter regulations, particularly the suggestion that Swiss banks must fully back foreign investments with equity, calling it excessive. Ermotti emphasized the importance of quality capital and reaffirmed UBS's commitment to its Swiss roots while highlighting successful cost-saving measures and client migrations following the acquisition of Credit Suisse.
Berner Kantonalbank has experienced significant growth following the collapse of Credit Suisse, welcoming numerous new customers and expanding its investment and lending business. In 2024, profit rose by 3.3% to CHF 180.7 million, and the dividend increased to CHF 10.40 per share. The bank's solid capital base and regional presence have contributed to its robust performance, with assets under management climbing nearly 5% to CHF 42.8 billion.
UBS Group AG has initiated job cuts affecting around 3,000 positions in Switzerland as part of its integration with Credit Suisse. The layoffs encompass various roles, including senior management, following UBS's acquisition of Credit Suisse in 2023 aimed at stabilizing the financial sector. To support affected employees, UBS is offering a program to help them find new roles within the company and has implemented a comprehensive social plan to assist those seeking external opportunities.
Revolut is migrating Swiss customers from its British entity to the Lithuanian Revolut Bank UAB, promising individual Swiss IBANs provided by PostFinance. However, confusion arose as users reported that these IBANs are linked to Revolut Bank UAB, requiring specific payment references. The company acknowledges misunderstandings but emphasizes the benefits of the migration, which includes enhanced financial services and no immediate deadline for the switch.
UBS is a crucial pillar of the Swiss financial center, providing significant economic value and employment. Calls to relocate its headquarters overlook the detrimental impact on Switzerland's economy and global standing. Future banking regulations must balance risk management with the need to maintain UBS's competitiveness and stability.
Credit Suisse High Yield Bond Fund, Inc.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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