UBS reported a third-quarter net income of $1.4 billion, surpassing analyst expectations of $740 million, driven by cost reductions and revenue growth amid client migrations from Credit Suisse. Total group sales reached $12.3 billion, exceeding the consensus of $11.5 billion. The bank is progressing with the integration of Credit Suisse, having completed the first wave of client migrations, while facing regulatory scrutiny aimed at preventing future financial collapses.
UBS Group reported a third-quarter net profit of $1.4 billion, surpassing analyst expectations of $740 million, driven by cost cuts and revenue growth amid client migrations from Credit Suisse. Consolidated revenue reached $12.3 billion, exceeding the $11.5 billion forecast. The bank is progressing with the integration of Credit Suisse, having completed the first wave of client migrations, while facing regulatory scrutiny regarding capital requirements to prevent future collapses.
UBS Group reported a third-quarter net profit of $1.4 billion, surpassing analyst expectations of $740 million, driven by cost cuts and revenue growth amid client migrations from Credit Suisse. Consolidated revenue reached $12.3 billion, exceeding the forecast of $11.5 billion. The bank is progressing with the integration of Credit Suisse, having completed the first wave of client migrations, while facing regulatory scrutiny to enhance capital reserves and improve contingency plans.
The liquidation of Flowbank highlights significant challenges in transferring securities, with many clients still awaiting access to their assets months later. While privileged deposits are being repaid efficiently, the complex manual processes involved in securities transfers have led to delays, emphasizing the risks of holding assets with less reputable banks. Additionally, the situation has drawn attention to the bank's pop art collection, including works by Lichtenstein and Warhol.
Authorities, including the Swiss National Bank and the Competition Commission, convened to discuss the competitive implications of UBS's merger with Credit Suisse, addressing public complaints and market observations. Despite concerns over UBS's dominant market position, FINMA waived competition law requirements for the merger. Following the discussions, UBS shares rose by 0.77% to 28.19 Swiss francs.
Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.
