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The General Court of the European Union upheld the European Commission's decision that Crédit Agricole and Credit Suisse participated in a cartel in the SSA bond sector, leading to sanctions against them. The investigation, initiated in 2018, revealed that the banks colluded on trading and pricing strategies, undermining competition in the secondary market. Fines were imposed based on estimated sales values rather than actual sales, considering the severity and duration of the infringement.
UBS Group AG has appointed new leaders in its global banking division for the EMEA region, with Marco Superina taking charge of global banking in Switzerland from January. Philipp Beck will continue as head of M&A for EMEA, relocating to London, while Pierre Lescastereyres and Bruno Hallak will co-head global banking for France and Belux. Thomas Poos has been named head of global banking in the Netherlands, reflecting UBS's strategic focus on enhancing its market presence and leadership across key areas.
UBS anticipates increased credit losses in its home market due to a slowdown in the German economy, projecting provisions of around CHF 150 million for the fourth quarter of 2024, up from CHF 72 million the previous year. The bank's CFO noted that sluggish growth in Germany impacts Swiss companies involved in export-import activities. Additionally, the integration of Credit Suisse is expected to contribute to higher credit loss costs for its former clients.
UBS anticipates higher loan defaults in Switzerland, projecting provisions of around 150 million Swiss francs for Q4 2024, up from 72 million the previous year, due to a sluggish German economy impacting Swiss exporters. The bank also expects a pre-tax loss of approximately 700 million dollars in its Non-core and Legacy unit. Additionally, UBS faces uncertainty regarding capital regulations and potential impacts on future share buybacks and dividends, linked to the ongoing investigation into the Credit Suisse collapse.
UBS anticipates an increase in loan defaults in Switzerland for the fourth quarter of 2024, projecting provisions of around 150 million Swiss francs, up from 72 million the previous year. The Swiss bank attributes this rise to the sluggish German economy, which impacts local businesses, particularly in the export-import sector. Additionally, the integration of Credit Suisse is expected to contribute to higher credit loss costs for its former clients.
UBS is expected to face increased loan losses due to a sluggish German economy, which impacts Swiss companies involved in export-import activities. Additionally, the integration of Credit Suisse is contributing to higher credit loss costs for its former clients, estimated to be five to six times greater than those on the UBS side.
The Federal Supreme Court ruled that the Vaud prosecutor's office could not appeal a previous decision regarding climate activists who spread coal at a UBS branch in Lausanne. The initial complaint by UBS was deemed invalid due to improper filing, leading to a minor conviction. The court clarified that such cases must be pursued by the complainant, not the prosecutor.
UBS is facing a credit loss expense of approximately 150 million Swiss francs ($170 million) due to sluggish growth in Europe, particularly affecting Swiss corporates with export-import businesses. CFO Todd Tuckner noted that the integration of Credit Suisse is ongoing, with a pre-tax loss of $700 million expected in the final quarter. He expressed optimism about the bank's performance in the Asia-Pacific region, despite uncertainties surrounding new capital requirements in Switzerland.
UBS CFO Todd Tuckner reported a credit loss expense of approximately 150 million Swiss francs in the fourth quarter, attributing it to sluggish economic growth in Europe, particularly affecting Swiss companies with export-import operations. He noted that while Switzerland's macro environment is stable, neighboring eurozone economies, especially Germany, are struggling, which has intensified the impact on credit losses. Tuckner also mentioned that the situation has been worsened by the dynamics following UBS's acquisition of Credit Suisse.
UBS CFO Todd Tuckner highlighted the impact of sluggish economic growth in Europe on the bank's credit loss expenses, which are expected to reach approximately 150 million Swiss francs in the fourth quarter. He noted that while Switzerland's economy is stable, neighboring eurozone countries, particularly Germany, are struggling, affecting Swiss corporates involved in export-import activities. Tuckner also mentioned that the situation has been worsened by the dynamics following the collapse of Credit Suisse, which UBS acquired.
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