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The European Court of Justice has upheld a fine of 11.9 million euros against Credit Suisse for its involvement in a bond cartel, originally sanctioned by the European Commission in 2021. The court also confirmed a 3.9 million euro fine on Credit Agricole, while Bank of America faced a 12.6 million euro penalty. Deutsche Bank avoided sanctions by reporting the cartel to authorities. The collusion among the banks occurred between 2010 and 2015, involving agreements on trading strategies and price-setting in the SSA bonds market.
The Swiss government is implementing stricter capital requirements for UBS and three other major banks to restore public confidence in the banking sector following the Credit Suisse crisis. Finance Minister Karin Keller-Sutter emphasized the need to protect taxpayers and prevent future bailouts, with additional capital demands estimated between $15 and $25 billion. The government aims to balance a competitive financial center with the security of the banking system.
UBS reported a net profit of $1.4 billion for Q3, significantly surpassing analysts' expectations of $740 million, driven by cost reductions and strong revenue growth, particularly in the Americas and Asia-Pacific. Operating expenses decreased to $10.3 billion, while sales reached $12.3 billion, exceeding forecasts. The bank also completed the first wave of account migrations for former Credit Suisse clients, enhancing integration efforts post-acquisition.
UBS reported a third-quarter net profit of $1.43 billion, surpassing analysts' expectations of $825 million, contributing to a total profit of $4.32 billion for the year. The bank's operating income rose 5% to $12.33 billion, aided by a $25 billion inflow in international asset management and an $800 million reduction in expenses. CEO Sergio Ermotti highlighted the successful integration of Credit Suisse, with the first phase of client account absorption completed in Luxembourg and Hong Kong, and further expansions planned for Singapore, Japan, and Switzerland.
UBS reported a profit of $1.43 billion in the third quarter, significantly surpassing analysts' expectations of $825 million. Operating revenues rose 5% to $12.33 billion, while cumulative profits for the year reached $4.32 billion. The bank's wealth management division saw a $25 billion inflow, boosting assets under management by 15% to approximately $6,200 billion, aided by a savings program that cut expenses by $800 million. The integration of Credit Suisse is progressing, with the first phase of client account absorption completed in Luxembourg and Hong Kong, and further phases planned for Singapore, Japan, and Switzerland by 2025.
Markets often forget past troubles when faced with significant profits, as seen with US investment banks like JP Morgan, which reported a profit of $12.9 billion. This raises questions about UBS, which, after cutting its investment bank post-2008 crisis and acquiring Credit Suisse, is now reducing its own risk. Critics wonder if UBS is missing out on a major opportunity while it takes these cautious steps.
The Swiss Bankers Association (SBA) has expressed concerns over the Federal Council"s proposed measures for systemically important banks, particularly regarding increased capital requirements and expanded powers for FINMA. While acknowledging the need for some regulatory tightening post-Credit Suisse crisis, the SBA warns that excessive measures could undermine the competitiveness of the Swiss financial sector. The association supports a robust liquidity provision framework and a state liquidity guarantee, emphasizing the importance of targeted adjustments in corporate governance.
Swiss banks are cautioning against overregulation as the country remains a leader in international asset management, with nearly $2,200 billion managed for foreign clients. However, this status is jeopardized by a tarnished reputation following the collapse of Credit Suisse in March 2023.
The Financial Stability Board has raised concerns about the impact of social media and financial influencers on liquidity risks, particularly in light of recent banking crises involving U.S. regional banks and Credit Suisse. The report highlights the rapid shift to digital banking and the urgency of withdrawals, driven by various factors including embezzlement and poor risk management.
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