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Swiss bankers express concerns over proposed capital rules for UBS and others

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.
MarketScreener
United States Dollar UBS AG Credit Suisse Anlagestiftung CHE John Revill Oliver Hirt Colm Kelleher Jane Merriman Show more
TradFi, News Article
12:29 24.10.2024

switzerland loses appeal to wealthy clients as assets decline sharply

Switzerland's appeal to wealthy clients is waning, with foreign assets under management dropping to $2.174 trillion in 2023 from $2.624 trillion in 2020, according to Deloitte. The fallout from Credit Suisse's collapse has eroded confidence among clients from Europe and the Middle East, while the U.S. and other rivals are gaining ground in the offshore wealth sector. Despite remaining the largest offshore wealth hub, Switzerland's market share has decreased from 23.7% to 21.4%.
MarketScreener
Hong Kong Dollar Swiss Franc United States Dollar Euro British Pound Sterling Credit Suisse Anlagestiftung Deloitte USA GBR SGP CHE HKG Oliver Hirt Patrik Spiller John Revill Show more
TradFi, Market Report
15:55 23.10.2024

switzerland sees decline in foreign wealth management after credit suisse crisis

Switzerland's appeal to wealthy clients is waning, with foreign assets under management dropping to $2.174 trillion in 2023 from $2.624 trillion in 2020, according to Deloitte. The fallout from Credit Suisse's collapse has eroded confidence, particularly among clients from Europe and the Middle East, while the country's traditional advantages are losing significance. Although Switzerland remains the top offshore wealth hub, its market share has decreased, with competitors like the U.S. and the U.K. closing the gap.
Reuters
Hong Kong Dollar British Pound Sterling United States Dollar Euro Swiss Franc Credit Suisse Anlagestiftung SGP USA HKG CHE GBR Patrik Spiller Oliver Hirt John Revill Show more
TradFi, Market Report
09:00 23.10.2024

ubs sells stake in swisscard to american express as part of divestment strategy

UBS is selling its 50% stake in credit card provider Swisscard AECS to its joint venture partner, American Express, as part of its divestment strategy following the acquisition of Credit Suisse. Swisscard, which issues American Express, Mastercard, and Visa cards, will transition Credit Suisse clients to UBS's credit card platform, with new cards expected to be issued in the first half of 2025. UBS aims to cut costs by approximately $13 billion by the end of 2026.
MarketScreener
United States Dollar UBS SA American Express Company Credit Suisse Anlagestiftung CHE John Revill Oliver Hirt Show more
TradFi, News Article
09:22 21.10.2024

ubs sells stake in swisscard to american express as part of divestment strategy

UBS is selling its 50% stake in credit card provider Swisscard AECS to American Express, as part of its divestment strategy following the acquisition of Credit Suisse. Swisscard, which issues American Express, Mastercard, and Visa cards, will transition Credit Suisse clients to UBS's credit card platform, with new cards expected to be issued in early 2025. UBS aims to cut costs by $13 billion by 2026 while integrating Credit Suisse's operations.
ch.marketscreener.com
United States Dollar UBS SA American Express Company Credit Suisse Anlagestiftung CHE John Revill Oliver Hirt Show more
TradFi, News Article
09:22 21.10.2024

ubs sells stake in swisscard to american express

UBS is selling its 50% stake in Swisscard, a credit card provider, to American Express. This move is part of UBS's strategy to offload assets from the Credit Suisse business it acquired last year. The terms of the deal have not been disclosed.
MarketScreener
UBS SA American Express Company Credit Suisse Anlagestiftung CHE John Revill Miranda Murray Show more
TradFi, News Article
07:28 21.10.2024

ubs sells stake in swisscard to american express as part of divestment

UBS is selling its 50% stake in Swisscard to American Express, making Amex the sole owner of the credit card provider. Following this transaction, Credit Suisse customers will transition to UBS's credit card platform, with no immediate impact on cardholders or merchants. UBS remains committed to its credit card business but finds Swisscard's operations misaligned with its strategic priorities.
@YahooFinance
United States Dollar UBS Group AG American Express Company Credit Suisse Anlagestiftung USA CHE John Revill Miranda Murray Show more
TradFi, Market Report
07:28 21.10.2024

ubs sells stake in swisscard to american express as part of divestment

UBS is selling its 50% stake in Swisscard to American Express, following its acquisition of Credit Suisse last year. After the transaction, Amex will fully own Swisscard, while Credit Suisse customers will transition to UBS's credit card platform, with no immediate impact on cardholders. UBS remains committed to its credit card business but finds Swisscard's operations misaligned with its strategic priorities.
US News & World Report
United States Dollar UBS SA American Express Company Credit Suisse Anlagestiftung CHE John Revill Miranda Murray Show more
TradFi, News Article
07:28 21.10.2024

campaigners urge us to revoke ubs pension market exemption after violations

A group of campaigners is urging the U.S. Department of Labor to revoke UBS's exemption allowing it to operate in the American pension market, citing the bank's history of nearly 100 offenses and $20 billion in penalties since 2000. UBS, which has submitted a 500-page application to extend its exemption, argues that issues stem from individual staff actions. Recent legal troubles include a significant fine in France for tax evasion and involvement in an antitrust lawsuit related to interest rate swaps.
Reuters
Euro United States Dollar Credit Suisse Anlagestiftung UBS Group AG FRA CHE USA James Henry Oliver Hirt John Revill Show more
TradFi, News Article
16:41 14.10.2024

ubs chair warns against increased capital requirements for swiss banks

UBS Chair Colm Kelleher cautioned that proposed increases in capital requirements for major Swiss banks could undermine Switzerland's status as a financial hub. While he supports most recommendations from the government, he opposes stricter capital rules, arguing they would harm competitiveness and customer pricing. Kelleher emphasized UBS's strong capital position and commitment to Switzerland, warning that excessive requirements could signal a shift away from being a relevant international financial center.
Reuters
United States Dollar Deloitte Credit Suisse Anlagestiftung Morgan Stanley UBS SA CHE Colm Kelleher Emma Farge Karin Keller-Sutter John Revill Show more
TradFi, News Article
09:00 28.09.2024
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