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UBS's potential departure from Zurich poses a significant risk to the city's tax revenue and job market, as banks contribute nearly 40% of corporate taxes. Despite the challenges faced by the banking sector, tax contributions from banks have risen steadily since 2020, highlighting Zurich's ongoing dependence on its financial center. The city's efforts to diversify its economy have had limited success, with major tech companies like Google paying most taxes in their home countries.
UBS's auditors issued an "adverse opinion" on the bank's internal controls over financial reporting for 2024, citing unresolved issues from its acquisition of Credit Suisse. This rare reprimand signals potential misrepresentation in UBS's financial statements, highlighting the challenges of integrating the two banks. Despite implementing a remediation program, UBS acknowledged ongoing material weaknesses related to risk assessment and internal controls.
UBS's auditors issued an "adverse opinion" on the bank's internal controls over financial reporting for 2024, citing unresolved misstatements from its acquisition of Credit Suisse. This rare rebuke indicates potential misrepresentation in UBS's financial statements, highlighting challenges in integrating the two banks. The bank acknowledged material weaknesses in its internal controls and is working on a remediation program, though it did not specify a timeline for resolution.
Credit Suisse's management faced turmoil as it attempted to restructure amid significant financial losses and a massive cost-cutting program. CEO Axel Lehmann and Ulrich Körner aimed to transform the investment banking division into an advisory service, but internal conflicts and a lack of transparency led to a plummeting share price and fears of a bank run. Key figures, including Michael Klein and Blythe Masters, were embroiled in conflicts of interest, complicating the bank's recovery efforts.
UBS is facing uncertainty due to a likely delay in implementing stricter capital rules, potentially extending the timeline to at least 2028. This comes in the wake of the Credit Suisse collapse and subsequent acquisition by UBS, which has seen its shares rise 80% since then, despite recent dips. The debate now centers on the capital requirements for UBS's foreign subsidiaries, with discussions shifting to parliamentary consideration. While UBS lobbies against excessive requirements, it acknowledges the need for balanced regulations that align with international standards.
A delay in implementing tougher capital rules for UBS has created uncertainty about the bank's future while postponing potentially burdensome charges. Swiss authorities aim to align UBS's capital requirements with international standards, but the slow process raises concerns about competitiveness as global peers consider deregulation. UBS has expressed that any new requirements should be targeted and coordinated internationally.
A delay in implementing tougher capital rules for UBS has created uncertainty for the Swiss bank while postponing potentially burdensome charges. Swiss authorities aim to enhance banking sector robustness following Credit Suisse's collapse, but the slow progress on new regulations raises concerns about UBS's competitiveness and the overall stability of the financial market.
A delay in new capital rules for UBS has created uncertainty about the bank's future while alleviating immediate regulatory burdens. Swiss authorities aim to ensure UBS's foreign subsidiaries are well-capitalized, but the decision process may extend to 2028, contrasting with loosening regulations elsewhere. UBS shares fell over 1.5%, reflecting concerns as the bank navigates a complex regulatory landscape amid its significant acquisition of Credit Suisse.
A delay in new capital rules for UBS has created uncertainty about the bank's future while alleviating immediate regulatory burdens. Swiss authorities aim to involve parliament in determining capital requirements for UBS's foreign subsidiaries, potentially postponing decisions until 2028. This shift aligns with broader discussions on banking regulations, as UBS faces pressure to remain competitive amid loosening rules in other major financial centers.
St. Gallen Cantonal Bank reported a 3.8% decline in net profit to 215.1 million Swiss francs for 2024, despite lower interest rates. Revenues fell by 3.3% to 561.7 million, while assets under management rose to 64.5 billion Swiss francs, bolstered by CHF 3.1 billion in new money. Shareholders will receive an unchanged dividend of 19 Swiss francs per share.
Andreas Venditti
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