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UBS reported a profit of $1.43 billion for Q3 2024, significantly surpassing expectations of $740 million, driven by cost-cutting and high transaction volumes. The bank is ahead of schedule in its $13 billion cost reduction plan following the Credit Suisse takeover, with plans to cut around 7.5 billion by year-end. Despite challenges in the global economy and geopolitical tensions, UBS remains optimistic, having attracted $25 billion in new wealth management inflows during the quarter.
UBS Fund Management (Switzerland) AG has acquired a 3% stake in the Swiss National Bank, as revealed in an October filing with the SIX stock exchange. UBS Asset Management (Switzerland), another subsidiary of UBS, also holds shares in the central bank. Cantons own nearly 59% of SNB shares, with Bern, Zurich, and Vaud holding the largest stakes. UBS is currently integrating Credit Suisse, which previously had units that owned SNB shares.
UBS Fund Management (Switzerland) AG has acquired a 3% stake in the Swiss National Bank, as revealed in an October filing with the SIX stock exchange. UBS Asset Management (Switzerland), another subsidiary of UBS, also holds shares in the central bank. The majority of SNB shares are owned by Switzerland's cantons, with significant holdings from Bern, Zurich, and Vaud.
UBS Fund Management (Switzerland) AG has acquired a 3% stake in the Swiss National Bank, as reported in an October filing with the SIX stock exchange. UBS Asset Management (Switzerland), another subsidiary of UBS, also holds shares in the central bank. The cantons of Switzerland collectively own nearly 59% of SNB shares, with significant holdings from Bern, Zurich, and Vaud.
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.
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%.
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.
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.
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.
The Swiss financial regulator, Finma, has urged UBS to enhance its stabilization and contingency plans following its acquisition of Credit Suisse. This call comes as UBS is required to ensure its Swiss operations can function uninterrupted during potential insolvency risks, emphasizing the need for improved liquidity measures. UBS has acknowledged the need for targeted development of its contingency strategies in light of lessons learned from the Credit Suisse crisis.
Oliver Hirt
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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