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The Luxembourg-based General Court has upheld the EU's cartel decision against UBS, UniCredit, and Nomura, largely confirming the European Commission's ruling. However, it has moderately reduced the fines imposed on UniCredit and Nomura.
UBS is proposing to limit the size of its investment bank and increase capital reserves to mitigate regulatory pressures following its acquisition of Credit Suisse. The bank may add $5 billion in capital, but this falls short of the $40 billion regulators might require. UBS is also considering capping its investment banking division at 30% of its total business to address concerns over financial stability while maintaining its headquarters in Switzerland.
A top Swiss court has acquitted Credit Suisse of a 2022 conviction related to its failure to prevent money laundering linked to a Bulgarian cocaine trafficking gang. The bank, which collapsed in 2023 amid various scandals, was subsequently taken over by UBS.
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 Group reported a third-quarter net profit of $1.4 billion, nearly double analysts' expectations of $740 million, driven by increased revenue of $12.3 billion and effective cost reductions. The bank successfully completed the first wave of client migrations from Credit Suisse, with further integrations planned for Singapore and Japan by year-end. Despite strong results, UBS faces uncertainties from new regulatory demands and geopolitical tensions affecting market conditions.
UBS CEO Sergio Ermotti announced that the migration of Credit Suisse clients to UBS will take approximately 18 months. This integration follows UBS's acquisition of Credit Suisse, which collapsed amid scandals. Ermotti emphasized the complexity of the IT integration but believes it will ultimately benefit shareholders, clients, and employees.
UBS is approximately six months ahead in its cost-saving initiatives and the integration of Credit Suisse, according to CEO Sergio Ermotti. The bank has completed legal entity mergers with 80 regulators providing 180 approvals globally, positioning it for further cost reductions. While market share gains are evident, particularly in equities and foreign exchange, significant cost savings from client data integration are not expected until late 2025 or into 2026.
Denis Balibouse
People
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