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UBS, UniCredit, and Nomura faced setbacks in court regarding an EU antitrust fine linked to a bond cartel that operated from 2007 to 2011. UBS's fine of €172.4 million was upheld, while UniCredit and Nomura saw their fines slightly reduced to €65 million and €125.6 million, respectively. The court confirmed the banks' responsibility for their traders' anti-competitive actions, while Bank of America and Natixis avoided fines due to timing issues.
UBS has lost its appeal against a €172.4 million fine from the EU for its involvement in a bond cartel, with the court largely upholding the European Commission's ruling. UniCredit and Nomura had their fines reduced, while Bank of America and Natixis were not fined due to statute limitations. The cartel, which included several banks, operated from 2007 to 2011, with traders exchanging sensitive information via Bloomberg terminals.
European banks are set to report significant profit increases for Q4, driven by strong lending margins and investment banking revenues. However, analysts caution that falling interest rates may hinder future performance, making it challenging to meet targets in 2025, especially as U.S. banks benefit from deregulation and higher volatility.
HSBC is set to close its international payments app Zing, putting around 400 jobs at risk as part of CEO Georges Elhedery's cost-cutting strategy. The decision follows a strategic review, with management losing interest in the app, which was launched just a year ago to compete with fintech rivals. Affected staff will be informed starting Thursday, as the bank aims to streamline operations and focus on areas with greater growth potential.
Swiss bankers have expressed concerns over government plans for stricter capital requirements for UBS and other major banks, arguing that existing regulations are sufficient and that new measures could harm the competitiveness of the financial sector. The Swiss Bankers Association supports targeted stability improvements but warns that proposed changes, including increased capital for foreign subsidiaries, need careful calibration. UBS has indicated that additional capital requirements could range from $15 billion to $25 billion, with implementation aimed for early 2025.
Jane Merriman
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