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UBS shares rose 0.2% to CHF 27.83 in morning trading, reaching a daily high of CHF 27.86. Currently, the share price is 3.30% below its 52-week high of CHF 28.78 and 24.97% above its low of CHF 20.88. Analysts project a dividend of USD 0.823 for 2024 and an EPS of USD 1.65.
UBS has surpassed all targets following its takeover of Credit Suisse, with shares rising 35% in the past year. CEO Ermotti emphasized the need for banks to maintain liquid balance sheets, highlighting the role of social media in rapidly influencing public perception and deposit stability.
The Swiss Bankers Association (SBA) has expressed concerns over the Federal Council's proposed measures for banking stability, particularly regarding the too-big-to-fail (TBTF) issue, advocating for international coordination on capital adequacy and opposing additional powers for Finma. The SBA supports the introduction of a Public Liquidity Backstop (PLB) but rejects the idea of banks paying an insurance premium for it, emphasizing the need for proportionality in regulation to maintain competitiveness. The association awaits the Parliamentary Commission of Inquiry report to finalize its stance on the proposed measures.
Uwe Krakau has stepped down as COO of Raiffeisen Cooperative Bank after two years, leading to the abolition of his role. The decision follows a critical review of the bank"s strategy implementation, particularly the halted launch of a new app due to technical issues and internal tensions, notably between Krakau and Head of IT Niklaus Mannhart, who has since taken over project management.
Swiss prosecutors have fined Glencore CHF2 million for corruption related to its activities in the Democratic Republic of Congo from 2007 to 2018. Civil society groups in the DRC demand that compensation from Glencore be allocated to social investments in affected communities, emphasizing that the Congolese people, not Switzerland, are the true victims of the corruption. Swiss legislator Christian Dandrès is advocating for reforms to ensure that fines imposed on multinationals benefit the countries where the offenses occurred.
UBS CEO Ermotti announced that the migration of Credit Suisse clients to the UBS platform will take approximately 18 months. This complex integration follows UBS's acquisition of Credit Suisse after its collapse, and Ermotti believes it will ultimately enhance value for shareholders, clients, and employees. He emphasized that this process serves as a case study for regulators evaluating the resolution of systemically important banks.
Luzerner Kantonalbank (LUKB) reported a 9.1% increase in profit to CHF 216 million in the first nine months of 2024, aided by extraordinary income from the sale of its real estate division. Operating income rose by 5.7% to CHF 483.5 million, while costs increased by 7.9% due to a higher headcount. The bank anticipates a consolidated profit at the upper end of its forecast for the year.
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London Stock Exchange Group reported a 9.5% year-on-year increase in third-quarter revenues, reaching £2.12 billion, surpassing analyst expectations. The rise was driven by a 6% growth in Annual Subscription Value, although there was a slight impact from cancellations linked to Credit Suisse. The company anticipates ASV growth to remain steady for the remainder of the year.
Stéphane Rossini is set to resign as Director of the Federal Social Insurance Office following a significant miscalculation in AHV financial forecasts, which led to an overestimation of the deficit by four billion francs for 2023. This error, discovered in May but communicated late, may have influenced the vote on raising the retirement age for women, prompting an appeal from the SP and Greens. Rossini will remain in his position until summer 2025, with an administrative investigation underway to determine his role in the debacle.
Switzerland's status as the leading global wealth management hub is at risk following the collapse of Credit Suisse, as highlighted in a Deloitte report. Despite managing $2.2 trillion, the country has seen stagnant inflows in recent years, raising concerns about its future in the wealth sector.

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