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UBS is negotiating with regulators to limit its investment bank's size and increase capital to avoid stricter regulations following the Credit Suisse takeover. The bank may cap its investment banking division at 30% of its overall business and is considering raising an additional $5 billion in capital, though this falls short of some political demands. UBS executives warn that excessive capital requirements could harm competitiveness and potentially lead to relocating its headquarters, despite intentions to remain in Switzerland.
UBS is negotiating with regulators to limit its investment bank's size and increase capital to avoid stricter regulations following the Credit Suisse acquisition. The bank may cap its investment banking division at 30% of its overall business and is considering raising an additional $5 billion in capital, though this falls short of some political demands. UBS executives warn that excessive requirements could harm the Swiss financial sector's competitiveness and potentially lead to a relocation of its headquarters.
UBS is contemplating relocating its headquarters abroad due to potential regulatory changes that could impose a $25 billion capital increase, which would disadvantage the bank competitively. While management has considered this option, the complexities and costs involved, including a potential $10 billion tax bill, make it unlikely. Instead, UBS may face becoming a takeover target, raising concerns about its future as a major player in Switzerland's financial landscape.
Swiss banks face significant job cuts as they announce annual results for 2024. Julius Baer has already revealed 400 layoffs, while UBS is set to cut around 3,000 jobs due to the integration of Credit Suisse. Employees express exhaustion and uncertainty amid restructuring, despite UBS projecting a profit exceeding four billion dollars for the year.
Swiss banks, including Julius Baer and UBS, are set to announce their annual results for 2024, with job cuts anticipated, particularly at Julius Baer due to high costs. UBS is expected to eliminate around 3,000 positions as it integrates Credit Suisse, leaving employees in a state of uncertainty and exhaustion. The financial sector faces challenges as it navigates the aftermath of the CS demise, with questions about the effectiveness of new client advisors and the potential for further layoffs.
This week marks a pivotal moment for major Swiss banks, with Julius Bär, UBS, and Vontobel set to release their annual financial statements. Julius Bär aims to recover from past turmoil under new CEO Stefan Bollinger, while UBS is on track to meet its ambitious integration goals with Credit Suisse. Vontobel faces challenges in retaining institutional clients despite strong financial results and a cost-cutting initiative.
UBS, Julius Baer, and Bank Vontobel are set to release their annual financial results this week, with heightened scrutiny on their 2024 figures. Julius Baer aims for a turnaround under new CEO Stefan Bollinger after a challenging period, while UBS is ahead in integrating Credit Suisse and expects strong results. Vontobel faces ongoing challenges with institutional client outflows despite solid financials and a cost-cutting initiative.
UBS reported a strong third-quarter profit of $1.43 billion, exceeding analysts' expectations of $740 million, despite a 4% drop in share price due to equity concerns and potential capital requirements. All business divisions contributed to higher revenues, with significant client activity and $24.7 billion in new money inflows. The integration of Credit Suisse is ahead of schedule, achieving $800 million in cost savings, with a target of $13 billion by 2026.
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.
Daniel Bosshard
People
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