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A top Swiss court has acquitted Credit Suisse of a 2022 conviction related to money laundering for a Bulgarian cocaine trafficking gang. The Federal Criminal Court's appeals chamber lifted the compensation claim against the bank, which collapsed in 2023 and was taken over by UBS.
UBS CFO Todd Tuckner highlighted the impact of sluggish economic growth in Europe on the bank's credit loss expenses, which are expected to reach approximately 150 million Swiss francs in the fourth quarter. He noted that while Switzerland's economy is stable, neighboring eurozone countries, particularly Germany, are struggling, affecting Swiss corporates involved in export-import activities. Tuckner also mentioned that the situation has been worsened by the dynamics following the collapse of Credit Suisse, which UBS acquired.
UBS CFO Todd Tuckner reported a credit loss expense of approximately 150 million Swiss francs in the fourth quarter, attributing it to sluggish economic growth in Europe, particularly affecting Swiss companies with export-import operations. He noted that while Switzerland's macro environment is stable, neighboring eurozone economies, especially Germany, are struggling, which has intensified the impact on credit losses. Tuckner also mentioned that the situation has been worsened by the dynamics following UBS's acquisition of Credit Suisse.
Swiss bank Julius Baer reported a rise in net new money during July-October, totaling 7.5 billion francs, with assets under management increasing to 480 billion francs. The new CEO, Stefan Bollinger, will start on January 9, following the ousting of Philipp Rickenbacher in February amid financial challenges. The bank noted a significant inflow from key European and Asian markets, while ongoing regulatory reviews have delayed share buybacks and cost targets remain unmet.
Russia will suspend gas deliveries to Austria starting Saturday, marking the end of its last significant gas flows to Europe via Ukraine. This decision follows a contractual dispute between Gazprom and Austria's OMV, with Austria prepared for the cut-off, ensuring sufficient gas storage for winter. The move reflects Russia's diminishing role in European energy supplies, as countries seek alternative sources amid ongoing geopolitical tensions.
The U.S. is investigating UBS over Russian clients acquired from Credit Suisse, amid heightened scrutiny following the latter"s collapse. The Office of Foreign Assets Control (OFAC) has engaged with UBS regarding compliance with sanctions, as the bank seeks to mitigate potential fallout by isolating suspect funds. UBS shares fell nearly 1% as regulators in Switzerland also examine the bank"s handling of these clients and its anti-money laundering practices.
US authorities are investigating Russian accounts that UBS acquired from Credit Suisse during its emergency takeover. The Office of Foreign Assets Control (OFAC) has engaged with UBS regarding the segregation of suspicious funds, as the US intensifies scrutiny on financial dealings with Russian clients amid ongoing sanctions. UBS is in the process of integrating approximately 1.3 million former Credit Suisse clients while shedding those linked to Russia, amidst rising tensions between the US and Switzerland over financial transparency.
US authorities are investigating Russian accounts that UBS acquired from Credit Suisse amid heightened scrutiny following sanctions related to Russia's invasion of Ukraine. UBS is reportedly segregating suspicious funds and closing accounts linked to Russian clients to mitigate potential risks. Tensions between the US and Switzerland are rising, with calls for greater transparency in financial dealings to prevent illicit activities.
The U.S. is investigating Russian accounts that UBS acquired from Credit Suisse, following the latter's collapse in March 2023. The Office of Foreign Assets Control (OFAC) has engaged with UBS regarding these accounts amid heightened scrutiny due to sanctions related to Russia's actions in Ukraine. UBS is reportedly taking steps to mitigate potential penalties by isolating questionable funds and closing certain accounts.
The U.S. is investigating Russian clients that UBS acquired through its takeover of Credit Suisse, amid heightened scrutiny of the bank's handling of potentially risky accounts. The Office of Foreign Assets Control (OFAC) has engaged with UBS, emphasizing the need for compliance to avoid penalties. Meanwhile, Swiss regulators are also monitoring UBS's anti-money laundering practices in light of the situation.
Dave Graham
People
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