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Socialist Roger Nordmann and Finance Minister Karin Keller-Sutter emphasize the need for political unity against UBS's influence, advocating for increased equity capital for the bank. While parliament supports this move, concerns arise about potential cost implications for customers, with regional banks poised to benefit if UBS raises prices. The Federal Council backs the capital requirement, asserting it won't necessarily lead to higher costs for Swiss credit operations.
UBS aims for a CET1 return of around 15% by 2027, despite market skepticism over potential capital requirements from Finma. The bank has significant improvement potential in U.S. wealth management, where it lags behind competitors like Morgan Stanley, and seeks a full license to expand its offerings. UBS's current market value-to-equity ratio is just over one, indicating substantial valuation potential compared to U.S. mega-banks, which trade at twice their equity.
The recent PUK report on Credit Suisse highlights the urgent need for competent leadership in Swiss banking, emphasizing that past failures stemmed from greed and lack of integrity among managers. Recommendations include stricter equity requirements for UBS and a review of bonus systems, as well as easier penalties for non-compliance. The report warns that without significant reforms, future banking crises could have devastating impacts on Switzerland's economy.
Colm Kelleher, an Irish-born Wall Street banker, sought the Chairman position at Credit Suisse in 2020 but lost out to António Horta Osório due to his reluctance to relocate to Switzerland. Despite his earlier interest, Kelleher later expressed skepticism about Credit Suisse's viability, suggesting a merger was inevitable. He eventually became Chairman of UBS in 2021, with arrangements allowing him to maintain his London residence while fulfilling his duties.
Shareholder activist Pieter Lakeman is frustrated as the Dutch public prosecutor's office appears unlikely to charge Ralph Hamers, the former UBS CEO, in a money laundering case linked to ING. Despite Lakeman's efforts to prompt action, the Justice and Security Committee has rebuffed his requests for intervention. With a decision due by year-end, it seems the investigation may conclude without charges, leaving Hamers to continue his role as a senior advisor at Arta Finance.
Thomas Gottstein's refusal to support a merger between UBS and Credit Suisse (CS) in 2020 marked the beginning of CS's decline, as he believed he could independently steer the bank back to stability. Despite significant losses from the Greensill and Archegos scandals, he remained CEO until 2022, while Urs Rohner, the Chairman, failed to hold him accountable. Ultimately, UBS acquired CS for a mere $3 billion amid the fallout from the Silicon Valley banking crisis, highlighting the missteps of both Gottstein and Rohner in navigating the bank's challenges.
Axel Weber
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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