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UBS faces significant challenges in its Global Wealth Management division, particularly in the USA, where the cost/income ratio soared to 92.4%. Despite managing $2 trillion in assets, profitability remains low, with 61% of advisors generating only 19% of pre-tax profits. The bank aims to improve its pre-tax profit margin to 15% by 2027, but the path to achieving economies of scale remains unclear, compounded by a recent outflow of new money in the Asia-Pacific region.
UBS reported a fourth-quarter profit of $770 million, surpassing forecasts, but shares fell 5.5% due to a lackluster buyback plan and missed expectations for net new assets. The bank plans to buy back $1 billion in shares in the first half of 2025, contingent on Swiss capital rules, while raising integration-related expense forecasts to $14 billion by 2026. CEO Sergio Ermotti cautioned against excessive capital requirements, warning they could harm competitiveness and the financial sector's stability in Switzerland.
UBS returned to profitability in Q4 2024, reporting a pre-tax profit of $1.05 billion and a net profit of $770 million, driven by growth in wealth management and cost reductions. The bank announced an increased dividend of $0.90 per share and plans for share buybacks totaling up to $3 billion in 2025. UBS aims to complete the integration of Credit Suisse by the end of 2026, with a core return on capital target of around 15% in the long term.
Fines from Credit Suisse related to the Mozambique scandal, totaling approximately $105.5 million, will be allocated to a fund managed by the US Securities and Exchange Commission (SEC) for injured parties. This "Credit Suisse Fair Fund" includes penalties and interest from both Credit Suisse and VTB Capital, with distribution plans expected by July 2025. The scandal involved over $2 billion in loans to Mozambique, leading to significant corruption and a financial crisis in the country.
The US Securities and Exchange Commission has established a fund to distribute over $105 million in penalties from Credit Suisse and VTB Capital, stemming from their involvement in the Mozambican "tuna bond" investment fraud. This initiative follows settlements reached by both lenders regarding their roles in the scheme.
The US Securities and Exchange Commission (SEC) will allocate approximately $105.5 million in fines from Credit Suisse and VTB Capital related to the Mozambique scandal into a newly established "Credit Suisse Fair Fund" for affected investors. A distribution plan for the funds is expected by July 2025. The scandal involved over $2 billion in loans and bonds brokered by Credit Suisse without proper oversight, leading to significant corruption and a financial crisis in Mozambique.
PrimeEnergy Cleantech faced sanctions from FINMA in 2015 but continued operations in secrecy until its collapse in 2023, risking the savings of 2,000 investors. In response to this and the Credit Suisse crisis, the Federal Council plans to enhance transparency in financial oversight, advocating for public disclosure of enforcement actions to prevent future misconduct. FINMA supports this initiative, emphasizing its potential to strengthen the financial sector.
Bidzina Ivanishvili, a billionaire and former prime minister of Georgia, is embroiled in ongoing litigation against Credit Suisse after over $1 billion was misappropriated from his accounts by a bank employee. Following a court ruling in Singapore that ordered the bank to pay $500 million in damages, Ivanishvili is now pursuing further claims in Bermuda and Switzerland. His relationship with Julius Baer has soured, as he suspects the bank and hedge funds are colluding against his interests, failing to provide necessary information and meet investment deadlines.
The Bern City Council has proposed a CHF 7.7 million renovation of the historic Untertor Bridge, pending voter approval. Additionally, plans for redesigning Bärenplatz and Orphanage Square, along with a controversial CHF 67 million renovation of Marzilibad, will also be decided by the public in upcoming votes. Meanwhile, the Bern Regional Court dismissed accusations against a store owner regarding threats to inspectors, and the city is advancing its sustainability strategy with reduced CO₂ emissions.
Local politicians in Chiasso have initiated a petition to consider the former Credit Suisse building as the new seat for the Ticino Palace of Justice. They argue that the building, recently renovated and available at a lower price than a rejected offer for a Lugano property, is strategically located and financially advantageous. The petition is open for signatures until mid-March.
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