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Swiss Finance Minister Karin Keller-Sutter emphasized the need for credible resolution planning for UBS, stating that future capital requirements depend on the bank's resolvability in crises. Following the emergency takeover of Credit Suisse, the government proposed stricter capital regulations, particularly for foreign subsidiaries, but specific figures remain undetermined. Keller-Sutter highlighted the challenge of balancing the financial sector's competitiveness with economic protection and indicated that legislative drafts would be available in early 2025 for public comment.
Swiss Finance Minister Karin Keller-Sutter stated that UBS's capital requirements will hinge on the bank's resolvability as new stability measures are considered. The government is evaluating "too big to fail" proposals to prevent banking collapses like that of Credit Suisse, which UBS acquired. Keller-Sutter emphasized the need for a balance between financial sector competitiveness and stability, while also suggesting that the capitalization of UBS's foreign units remains under review. She noted the potential for increased regulatory powers for FINMA, including the ability to impose fines on banks.
UBS's capital requirements under new Swiss stability measures will hinge on the bank's resolvability, according to Finance Minister Karin Keller-Sutter. As UBS awaits regulations following the "too big to fail" proposals, concerns arise over the capitalization of its foreign subsidiaries, particularly after acquiring Credit Suisse. Keller-Sutter emphasized the need for a balance between financial sector competitiveness and stability, while also suggesting potential regulatory changes regarding executive compensation and penalties for banks.
UBS Chairman Colm Kelleher stated that banks deemed too big to fail are adequately capitalized, arguing that since the 2008 financial crisis, they have strengthened their financial positions. He criticized proposed Swiss regulations aimed at increasing capital requirements, suggesting they could hinder business and overlook the importance of liquidity and business models, as highlighted by the Credit Suisse collapse. Kelleher emphasized the need for regulators to focus on enhancing liquidity rather than imposing excessive capital regulations.
UBS reported a net profit of $1.4 billion for Q3, significantly surpassing analysts' expectations of $740 million, driven by cost reductions and strong revenue growth, particularly in the Americas and Asia-Pacific. Operating expenses decreased to $10.3 billion, while sales reached $12.3 billion, exceeding forecasts. The bank also completed the first wave of account migrations for former Credit Suisse clients, enhancing integration efforts post-acquisition.
UBS reported a net profit of $1.4 billion for Q3, significantly surpassing analyst expectations of $740 million, driven by cost reductions and strong revenue growth, particularly in the Americas and Asia-Pacific. Operating expenses decreased to $10.3 billion, while sales reached $12.3 billion, exceeding forecasts. The bank also completed the first wave of account migrations for former Credit Suisse clients, enhancing integration efforts post-acquisition.
UBS reported a third-quarter net profit of $1.4 billion, nearly double analysts' expectations of $740 million, driven by cost cuts and strong revenue growth, particularly in the Americas and Asia-Pacific. Operating expenses decreased to $10.3 billion, while sales reached $12.3 billion, surpassing forecasts. The bank also completed the first wave of account migrations for former Credit Suisse clients, enhancing integration efforts post-acquisition.
UBS reported a net profit of $1.4 billion for Q3, nearly double analysts' expectations of $740 million. Operating expenses decreased to $10.3 billion, while sales reached $12.3 billion, surpassing forecasts. CEO Sergio Ermotti highlighted strong revenue growth and successful integration efforts with Credit Suisse.
UBS Group reported a third-quarter net profit of $1.4 billion, nearly double analysts' expectations, driven by cost reductions and increased revenues. The bank successfully completed the first wave of client migrations from Credit Suisse, with further transfers planned for Singapore and Japan by year-end. Despite positive results, UBS faces uncertainties due to potential new regulations and ongoing geopolitical tensions affecting investor behavior.
UBS Group reported a net profit of $1.4 billion attributable to shareholders for the third quarter, significantly surpassing analysts' expectations of $740 million. The results reflect the bank's strong performance amid a challenging economic environment.
Dave Graham
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Swiss finance minister emphasizes credible resolution planning for UBS capital requirements
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07:38 01.11.2024
ubs capital requirements linked to bank resolvability under new stability measures
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22:15 31.10.2024
ubs capital requirements hinge on resolvability says swiss finance minister
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20:02 31.10.2024
ubs chairman asserts banks are adequately capitalized amid regulatory concerns
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14:48 31.10.2024
UBS reports strong Q3 earnings driven by cost cuts and client integration
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08:41 30.10.2024
UBS reports strong Q3 profit driven by cost cuts and client integration
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08:40 30.10.2024
UBS reports strong Q3 profit driven by cost cuts and client integration
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08:14 30.10.2024
ubs reports strong q3 earnings nearly doubling analyst expectations
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07:40 30.10.2024
ubs reports strong third-quarter profit amid credit suisse integration efforts
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07:19 30.10.2024
ubs reports strong third quarter with 1.4 billion net profit
06:51 30.10.2024
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