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UBS has expressed concerns over an "ill-informed" public debate in Switzerland regarding the risks associated with its business and size, which is creating uncertainty ahead of 2025. The bank, facing new regulations after acquiring Credit Suisse, is already meeting high capital requirements but awaits further details from the Swiss government on future capital needs. UBS supports measures for executive accountability and a public liquidity backstop for systemically important banks.
UBS has expressed concerns over the "ill-informed" public debate in Switzerland regarding its size and activities, which is creating uncertainty as the country considers new banking regulations. Following its acquisition of Credit Suisse, UBS is facing stricter capital requirements, despite already meeting high standards for globally systemically important banks. The bank supports measures for individual executive accountability and a permanent safety net for systemically important institutions, while awaiting further details on capital requirements from the Swiss government.
UBS CEO Sergio Ermotti's compensation for 2024 is set at 14.9 million Swiss francs, reflecting a slight decrease in variable pay amid ongoing regulatory scrutiny. Following the acquisition of Credit Suisse, concerns over the bank's size have prompted calls for stricter remuneration caps, with a parliamentary motion proposing limits between 3 and 5 million Swiss francs. The total compensation for UBS's Board of Directors reached 143.6 million Swiss francs, while the group-wide bonus pool increased to $4.7 billion.
A delay in new capital rules for UBS has created uncertainty about the bank's future while alleviating immediate regulatory burdens. Swiss authorities aim to ensure UBS's foreign subsidiaries are well-capitalized, but the decision process may extend to 2028, contrasting with loosening regulations elsewhere. UBS shares fell over 1.5%, reflecting concerns as the bank navigates a complex regulatory landscape amid its significant acquisition of Credit Suisse.
EFG International reported a net profit of 321.6 million Swiss francs in 2024, marking a 6% increase from the previous year. The bank announced its acquisition of Cité Gestion, which manages approximately CHF 7.5 billion in assets, with the deal expected to close in the second half of 2025, pending regulatory approvals.
EFG International reported a net profit of 321.6 million Swiss francs in 2024, marking a 6% increase from the previous year. The bank is set to acquire Cité Gestion, which has approximately 7.5 billion francs in assets under management, with the deal expected to close in the second half of 2025, pending regulatory approval.
UBS Group reported a fourth-quarter net profit of $770 million, surpassing forecasts, but shares fell 5.5% due to a lackluster buyback plan tied to Swiss capital rules. The bank plans to repurchase $1 billion in shares in the first half of 2025 and up to $2 billion in the second half, contingent on regulatory stability. Despite strong revenue growth and successful integration of Credit Suisse, net new assets in wealth management fell short of expectations, raising concerns among investors.
UBS CEO Sergio Ermotti warned that higher capital requirements for the bank, deemed systemically relevant, would lead to increased costs for companies and households. He urged Swiss authorities to maintain current regulations, arguing that UBS's ability to rescue Credit Suisse demonstrates the adequacy of existing capital strength. Ermotti also emphasized the need for a cost-benefit analysis regarding regulatory changes, asserting that Switzerland's status as a financial hub could be jeopardized by stricter requirements for foreign subsidiaries.
UBS CEO Sergio Ermotti warned that higher capital requirements for the bank, deemed systemically relevant, would lead to increased costs for companies and households. He urged Swiss authorities to maintain current capital standards to support the nation's financial sector and avoid risks similar to those faced by Credit Suisse. Ermotti also dismissed a recent study suggesting UBS benefits from a state guarantee, claiming it relied on outdated data.
Swiss lawmakers have criticized the oversight of Credit Suisse's collapse, attributing the failure primarily to the bank's management while acknowledging the authorities' lack of transparency and haphazard crisis response. The inquiry's report recommends strengthening regulatory frameworks and ensuring better communication among officials to prevent future crises. UBS's acquisition of Credit Suisse has left Switzerland with only one major international bank, prompting calls for reforms to enhance financial stability.
Dave Graham
People
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