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UBS Group is reportedly nearing a settlement that could cost hundreds of millions of dollars due to alleged violations by Credit Suisse related to a prior agreement with the U.S. Justice Department. The case involves U.S. clients who evaded taxes.
Kepler Cheuvreux has upgraded UBS Group AG's stock rating from Hold to Buy, raising the price target from CHF 28.50 to CHF 33.00, reflecting confidence in the bank's financial prospects despite potential capital shortfalls. UBS reported a net profit of $1.4 billion for Q3 2024, with a year-to-date profit before tax of $7.1 billion and a 9% increase in underlying revenues. The bank plans $15 billion in buybacks from 2025 to 2027 and continues to invest in technology to support long-term growth.
Gilda Rosenberg, a former Credit Suisse client, has been charged with a tax-evasion conspiracy in the US for hiding $90 million in assets from the IRS between 2010 and 2017. This case raises questions about Credit Suisse's compliance with a 2014 plea deal, amid allegations of major violations in disclosing undeclared US accounts. Rosenberg, who previously pleaded guilty to wire fraud, is scheduled for sentencing on April 30.
Kepler Cheuvreux has upgraded UBS Group AG's stock rating from Hold to Buy, raising the price target from CHF 28.50 to CHF 33.00, reflecting confidence in the bank's financial prospects despite potential capital shortfalls. UBS reported a net profit of $1.4 billion for Q3 2024, with a year-to-date profit before tax of $7.1 billion and a 9% increase in underlying revenues. The bank plans $15 billion in buybacks from 2025 to 2027 and continues to invest in technology to support long-term growth.
UBS Group AG is nearing a settlement worth hundreds of millions of dollars regarding Credit Suisse's violations of a decade-old agreement with the U.S. Department of Justice related to tax evasion. This settlement could be finalized as soon as this week. Credit Suisse, which pleaded guilty in 2014 for aiding U.S. citizens in tax evasion, had previously paid $2.6 billion in fines but failed to fulfill follow-up obligations, exposing it to further penalties. UBS is currently addressing various legal issues inherited from its emergency acquisition of Credit Suisse in 2023.
UBS Group AG is nearing a settlement of at least hundreds of millions of dollars concerning Credit Suisse's violations of a long-standing agreement with the US Department of Justice related to tax evasion. The settlement could be finalized as early as this week, according to reports. UBS has chosen not to comment on the matter.
UBS Group AG is reportedly set to settle Credit Suisse's ongoing tax dispute with the U.S. Department of Justice, which involves allegations of facilitating tax evasion for American clients. A settlement, potentially worth hundreds of millions, could be reached soon, following Credit Suisse's 2014 guilty plea and a previous $2.6 billion payment to address similar issues. The Swiss bank's failure to provide additional information has left it exposed to further penalties.
UBS Group AG reached 2008 highs as Kepler Cheuvreux upgraded its stock recommendation to buy, citing potential for $15 billion in share buybacks from 2025 to 2027. The bank's shares rose by 2.8%, marking an uninterrupted gain over the past eight sessions, the longest streak since March of last year.
UBS Group AG has increased its stake in Dalata Hotel Group PLC, surpassing the 4% voting rights threshold through financial instruments. This move reflects a growing interest in the hospitality sector and suggests confidence from a significant financial player. Dalata Hotel Group operates a diverse portfolio of hotels catering to both leisure and business travelers, with a current market cap of £797.2M.
China Industrial Securities International Financial Group Ltd. has acquired US$10 million in notes issued by UBS Group AG, utilizing its internal resources. This strategic move aims to diversify its investment portfolio and enhance shareholder value while maintaining an acceptable risk framework. The company primarily operates in the financial services sector, offering a range of financial products and services.
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