UBS reported strong third-quarter results, exceeding expectations while navigating a complex macroeconomic landscape and the upcoming US presidential election. The bank is on track with its integration of Credit Suisse, achieving $0.8 billion in savings and targeting $7.5 billion by the end of 2024, despite facing challenges with capital requirements and client migrations. However, UBS shares fell 4.53% to CHF 27.18 amid broader market declines.
Finma has mandated UBS to enhance its stabilization and contingency plans following its acquisition of Credit Suisse, citing the need for adjustments to ensure effective reorganization and liquidation of its core businesses. The authority has suspended the annual approval process and expects UBS to refine its liquidation strategy, particularly in light of lessons learned from past crises, including rapid deposit withdrawals. UBS has acknowledged the need for these improvements and has already initiated work to expand its existing plans, emphasizing its robust business model and significant loss-absorbing capacity.
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