Olivier Kessler argues that the West may be experiencing a turning point, as increasing discontent with state overreach and interventionism emerges. He highlights Argentina's recent shift under Javier Milei, who advocates for deregulation and reduced government, as a potential model for Western nations seeking to reclaim individual freedoms and economic prosperity.
Swiss banks are gearing up for the implementation of "Basel III Final" by January 1, 2025, which will significantly alter credit pricing and capital requirements. The output floor will increase capital needs for top-rated residential mortgages, potentially raising costs by 20 basis points for prime loans. This regulatory shift necessitates strategic adjustments in pricing and risk management for banks to remain competitive in the evolving credit market.
UBS is undergoing the largest data migration in a financial sector takeover, transitioning 1.3 million Credit Suisse clients to its platform while aiming for $13 billion in cost savings by 2026. However, significant improvements in cost structure are not expected until mid-2025, and uncertainty over future capital requirements is impacting UBS's share price. The bank's upcoming quarterly results are highly anticipated, especially in light of strong performances from major US banks, but UBS faces challenges in maintaining its investment banking growth strategy.
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