FINMA has suspended the annual approval of UBS's emergency plan due to integration challenges with Credit Suisse, citing "obstacles" in data transfer. While UBS can still be wound up in a crisis, the regulator demands enhanced intervention options, including the ability to modify business models to ensure stability. UBS is working on revising its plans, aiming for completion by 2026, while emphasizing its capacity to absorb significant losses.
Ralph Hamers, the former CEO of UBS, has taken on a new role as an advisor and investor at fintech Arta Finance, marking his first public commitment since leaving UBS in March 2023. His departure followed the Credit Suisse takeover, where he was replaced due to trust issues regarding the integration.At Arta Finance, which is backed by former Google executives, Hamers aims to demonstrate his understanding of the digital business, positioning the platform as a contender among leading wealth managers globally.
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