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Natalia Ferrara, Vice President of the Swiss Bank Employees Association, criticizes the PUK report on Credit Suisse's downfall, stating it fails to assign clear responsibility and lacks actionable lessons. She emphasizes the importance of UBS for the Swiss financial sector and warns against negligent theories regarding its necessity, highlighting the potential job losses and the need for effective regulation and enforcement. As UBS integrates with Credit Suisse, challenges remain, particularly for older employees facing redundancy.
UBS is pressuring Swiss regulators against stricter capital requirements, fearing that excessive regulations could lead to its relocation, which would harm Switzerland's economy. The Bank of England warns that pursuing growth alongside stability may compromise financial security, as international competition intensifies among financial centers.
The Credit Suisse crisis highlights the limitations of Switzerland's high-precision financial market regulation. While the Swiss excel in meticulousness, this approach may hinder their ability to address complex, long-term financial issues effectively. A shift in focus towards the broader purpose of regulation is essential for the financial center's future.
The eagerly anticipated report from the Parliamentary Commission of Inquiry into the Credit Suisse collapse is set to be released before Christmas, raising hopes among creditors whose AT1 bonds were entirely canceled on March 19, 2023. Approximately 2,500 claimants are challenging the legality of this cancellation, arguing that the necessary conditions were not met, while the Swiss Financial Market Supervisory Authority defends its decision as essential for public interest amid a financial crisis. As legal proceedings unfold, the implications for Switzerland could be significant, especially if a U.S. court agrees to hear a related expropriation claim, potentially exposing confidential government documents.
UBS is progressing with the integration of Credit Suisse but must transform to meet shareholder expectations, as its quarterly profit of $1.4 billion falls short of the desired return on equity of 15%. The bank's share price remains stagnant amid uncertainty over future capital requirements. Management is planning for specialization post-integration to enhance profitability, particularly in technology-driven wealth management, which currently generates over half of the group's profit.
UBS reported a third-quarter profit of $1.4 billion, falling short of shareholder expectations for a 15% return on equity. The bank's current structure, heavily reliant on its capital-intensive Swiss lending business, hampers its ability to meet these targets, prompting management to consider specialization post-Credit Suisse integration.
Tension is rising between UBS and Swiss industrial companies, with a recent Swissmem survey revealing that nearly 25% of firms report worsening business conditions, particularly in credit. Two-thirds of respondents are considering ending their relationship with UBS, citing a lack of alternatives despite the bank's significant market presence. Swissmem's leadership expresses disappointment, highlighting a shift as companies seek cheaper banking options amid challenging economic conditions.
Daniel Zulauf
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