UBS reported a disappointing $1.4 billion profit for Q3, with a cost/income ratio of 83.4%, lagging behind peers like Goldman Sachs and Morgan Stanley. Despite efforts to integrate Credit Suisse and a projected $100 billion in new money inflows for 2024, client acquisition is slowing, prompting cautious forecasts for Q4. The bank is also rolling out AI tools to enhance efficiency.
UBS Group AG chairman Colm Kelleher announced plans to acquire a US wealth management firm after completing the integration of Credit Suisse. He emphasized the need to improve the performance of Paine Webber and expressed a desire to replicate Morgan Stanley's success with Smith Barney. Kelleher noted that UBS, while the largest global wealth manager, lags in the US market and requires time to address internal issues before pursuing further acquisitions.
UBS Chairman Colm Kelleher announced plans for a future acquisition of a US wealth management firm to enhance its presence in the market, following the integration of Credit Suisse. He emphasized the need to improve the performance of Paine Webber and avoid distractions during this transition. Despite being the largest global wealth manager, UBS faces challenges in scaling its independent broker model in the US, where it has fewer advisers compared to rivals like Morgan Stanley.
UBS Group AG Chairman Colm Kelleher announced plans to acquire a US wealth management firm after completing the integration of Credit Suisse. He emphasized the need to improve the performance of Paine Webber and expressed a desire to replicate Morgan Stanley's success with Smith Barney. Kelleher noted that UBS, while the largest global wealth manager, still lags in the US market and requires time to address internal issues before pursuing further acquisitions.
UBS Group AG Chairman Colm Kelleher announced plans to acquire a US wealth management firm to enhance its market presence after completing the integration of Credit Suisse. He emphasized the need to improve the performance of Paine Webber, acquired in 2000, and aims to replicate Morgan Stanley's success with Smith Barney to double profitability.
UBS Group AG Chairman Colm Kelleher announced plans to acquire a US wealth management firm to enhance its market presence after completing the integration of Credit Suisse. He emphasized the need to improve the performance of Paine Webber, acquired in 2000, and aims to replicate Morgan Stanley's success in boosting profitability through strategic acquisitions.
Sheikh Bandar bin Mohammed bin Saoud al-Thani, Governor of the Qatar Central Bank, met with UBS Chairman Colm Kelleher, World Gold Council's Shaokai Fan, and Citigroup Chair John Dugan during the 2024 Annual Meetings of the IMF and World Bank in Washington, DC. The discussions focused on the latest global developments in banking and finance.
Swiss bankers have expressed concerns over government plans for stricter capital requirements for UBS and other major banks, arguing that existing regulations are sufficient and that new measures could harm the competitiveness of the financial sector. The Swiss Bankers Association supports targeted stability improvements but warns that proposed changes, including increased capital for foreign subsidiaries, need careful calibration. UBS has indicated that additional capital requirements could range from $15 billion to $25 billion, with implementation aimed for early 2025.
UBS faces a dilemma as U.S. investment banking thrives, with American banks reporting record profits while UBS maintains a cautious approach to high-risk deals. Although UBS excels in wealth management across Asia and Europe, it earns less from investment banking compared to its U.S. counterparts. The booming sector may reignite discussions on UBS's investment banking strategy, especially following its acquisition of Credit Suisse, which has brought new expertise to the firm.
Switzerland faces a legal challenge in New York regarding the collapse of Credit Suisse, as AT1 bondholders seek restitution for their losses. The trial has been delayed due to the complex legal questions surrounding Switzerland's ability to be sued in this context.
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