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ubs to update emergency plans following credit suisse integration
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.
Bloomberg.com
Credit Suisse Anlagestiftung UBS Group AG CHE
TradFi, Press Release
09:14 15.10.2024
ubs faces scrutiny over pension fund license amid criminal misconduct concerns
UBS faces scrutiny from the US Department of Labor regarding its ability to manage pension fund assets due to a history of criminal misconduct. The bank has applied for a temporary exemption to continue its operations in the US market, where it has paid around $20 billion in fines for various offenses since 2000. The outcome of this application remains uncertain as regulatory authorities tighten rules on corporate culture in banking.
finanzen.ch
United States Dollar UBS SA CHE USA
TradFi, News Article
09:10 15.10.2024
ubs maintains sell rating for docmorris with target price of 27 francs
UBS has maintained a 'Sell' rating for DocMorris, setting a price target of 27 francs following the third quarter results. Analyst Sebastian Vogel noted that the online pharmacy's sales met expectations, but anticipates a slight negative reaction in share prices as DocMorris continues to lag behind its main German competitor in the prescription market.
MarketScreener
Swiss Franc UBS SA CHE DEU Sebastian Vogel
TradFi, Market Report
09:10 15.10.2024
Finma suspends UBS emergency plan approval amid Credit Suisse integration challenges
Finma has suspended the approval of UBS's recovery and resolution plans due to the integration of Credit Suisse, necessitating adjustments to the bank's emergency liquidation strategies. UBS is currently revising its plans, emphasizing its robust business model and loss-absorbing capacity of approximately $200 billion. The suspension follows a secret investigation into the CS takeover, involving testimonies from key UBS and CS executives.
20 Minuten
United States Dollar Credit Suisse Anlagestiftung UBS SA CHE Ulrich Körner Axel Lehmann
TradFi, News Article
09:09 15.10.2024
ubs required to revise emergency plans after credit suisse integration
UBS is required to revise its emergency plans following the integration of Credit Suisse, as mandated by the Swiss Financial Market Supervisory Authority (Finma). The bank must expand its options for restructuring and liquidation, ensuring it can maintain stability without taxpayer support. UBS has acknowledged the need for improved liquidity planning and is working on enhancing its resolution strategies to meet regulatory requirements.
Schweizer Radio und Fernsehen (SRF)
United States Dollar Credit Suisse Anlagestiftung UBS SA CHE
TradFi, News Article
09:08 15.10.2024
Finma requires UBS to enhance contingency plan after Credit Suisse integration
Finma has mandated UBS to revise its contingency plan following the integration of Credit Suisse, emphasizing the need for enhanced options for reorganization or liquidation. The authority seeks improvements to ensure stability without taxpayer intervention, while UBS asserts its capacity for crisis management with a robust business model and significant loss-absorbing capacity.
Blick
United States Dollar Credit Suisse Anlagestiftung UBS SA CHE Thomas Meier Christian Kolbé
TradFi, News Article
09:07 15.10.2024
ubs faces regulatory overhaul of stabilization plans after credit suisse integration
UBS's annual approval of its stabilization and contingency plans has been suspended by Finma due to the integration of Credit Suisse, necessitating adjustments to ensure UBS's recovery and liquidation capabilities. The authority emphasized the need for improved liquidity planning and the establishment of legal foundations for potential interventions without taxpayer support, reflecting lessons learned from the recent crisis.
TicinoNews
Credit Suisse Anlagestiftung UBS SA CHE Sergio Ermotti
TradFi, Market Report
09:07 15.10.2024
ubs group revises emergency plans amid diverse business performance
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%.
MarketScreener
Swiss Franc UBS Group AG CHE
TradFi, Market Report
09:03 15.10.2024
former credit suisse communicator joins leading zurich consultancy as partner
Dominique Gerster, a seasoned communicator with nearly two decades at UBS and Credit Suisse, will join the Zurich consultancy IRF as a partner in November 2024. He brings extensive experience in corporate communications, crisis management, and strategic messaging, having led global communications at Credit Suisse during challenging times. Gerster holds a Master's degree in law and is pursuing an Executive MBA at the University of St. Gallen, set to complete in early 2025.
finews.ch
United States Dollar UBS AG Credit Suisse Anlagestiftung Wirz Group AG TX Group AG Tamedia AG CHE Martin Meier Pfister Dominique Gerster Show more
TradFi, Press Release
09:00 15.10.2024
Finma halts approval of UBS emergency plans amid Credit Suisse integration challenges
Finma has suspended the approval of UBS's emergency plans due to necessary adjustments from the integration of Credit Suisse. The authority emphasizes the need for improvements to ensure UBS can be effectively restructured or liquidated in a crisis, while also calling for expanded legal frameworks for resolution strategies. UBS has begun addressing these requirements, asserting its capacity to manage potential crises without taxpayer intervention.
Blick
Swiss Franc United States Dollar Credit Suisse Anlagestiftung UBS SA CHE Ueli Maurer Roger Federer
TradFi, News Article
09:00 15.10.2024
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