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UBS Group AG is required to revise its emergency recovery and resolution plans to incorporate the integration of Credit Suisse, as mandated by Swiss financial supervisor Finma. The regulator emphasized the need for enhanced liquidity planning and crisis preparedness, particularly in light of the rapid client fund withdrawals experienced during Credit Suisse's collapse. UBS has acknowledged the need for these adjustments and is already working on them, asserting its compliance with current resolution requirements.
UBS Group AG is required to revise its emergency recovery and resolution plans following the integration of Credit Suisse, according to Swiss financial supervisor Finma. The current strategy only allows for business continuity through restructuring, but lessons from the Credit Suisse crisis indicate that more robust options are necessary for systemically important banks.
UBS Group AG, a holding company with diverse business areas, reported that Wealth Management constitutes 54.3% of its income, followed by Investment Bank at 24.9%. As of the end of 2020, the Group managed CHF 525.1 billion in deposits and CHF 387.2 billion in loans, with significant income distribution across North and South America (39.9%) and Europe/Middle East/Africa (20.2%). The average recommendation for UBS shares is HOLD, with a last closing price of 27.98 CHF and an average target price of 28.63 CHF, indicating a potential increase of 2.33%.
UBS Group AG notified Solvay of a downward crossing of the 3% voting rights threshold on October 7, 2024, due to a reduction in holdings in its trading portfolio. Following this adjustment, UBS's total indirect interest in Solvay's voting rights fell below 3%, triggering the disclosure obligation. Solvay, committed to sustainable chemistry, reported net sales of 4.9 billion euros in 2023 and aims for carbon neutrality by 2050.
UBS Group AG notified Solvay that it crossed a transparency threshold, reducing its indirect voting rights below 3% as of October 7, 2024, due to a decrease in Trading Book holdings. This notification aligns with Belgian transparency legislation, reflecting UBS's controlled undertakings' holdings. Solvay, a leading chemical company with a commitment to sustainability and a goal of carbon neutrality by 2050, reported €4.9 billion in net sales in 2023 and employs over 9,000 people globally.
A group of campaigners is urging the U.S. Department of Labor to revoke UBS's exemption allowing it to operate in the American pension market, citing the bank's history of nearly 100 offenses and $20 billion in penalties since 2000. UBS, which has submitted a 500-page application to extend its exemption, argues that issues stem from individual staff actions. Recent legal troubles include a significant fine in France for tax evasion and involvement in an antitrust lawsuit related to interest rate swaps.
The SMI closed higher, buoyed by Lonza's gains and falling oil prices, while the S&P 500 reached a new record. UBS shares have risen nearly 15% since September 10, driven by expectations of an interest rate cut and positive results from US competitors in investment banking, prompting investor optimism for the Swiss bank's upcoming interim report.
Sabine Keller-Busse faces significant challenges in Personal & Corporate Banking at UBS Switzerland, particularly after the Credit Suisse takeover, as she aims to restore profitability while managing diverging stakeholder interests. Meanwhile, Iqbal Khan oversees Swiss Wealth Management, which is highly profitable, complicating Keller-Busse's position as a potential successor to CEO Sergio Ermotti. The bank emphasizes a shared responsibility for wealth management success, despite the competitive dynamics between the divisions.
Ralph Hamers, the former CEO of UBS Group AG, has joined Arta Finance, a digital-wealth platform founded by ex-Google employees. As an external senior adviser, he will help the firm leverage artificial intelligence to democratize family office-style investing for a broader audience.
Ralph Hamers, former CEO of UBS, has joined Arta Finance, a digital wealth firm founded by ex-Google employees, as an external senior adviser and investor. Arta aims to democratize family office-style investing using AI, targeting accredited investors in the US and Singapore, with plans to expand into India. Hamers, who previously led ING through a digital transformation, is exploring various fintech projects while taking a measured approach to future executive roles.
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