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Deutsche Bank reported a significant drop in fourth-quarter profit, posting 106 million euros, down from 1.26 billion euros a year earlier, and falling short of analyst expectations. For 2024, the bank's profit fell to 2.70 billion euros from 4.21 billion euros in 2023, prompting the abandonment of its 2025 cost target in favor of investments. CEO Christian Sewing emphasized the importance of 2025 for the bank's transformation and growth strategy, despite ongoing skepticism from analysts.
A top Swiss court has acquitted Credit Suisse of a 2022 conviction related to money laundering for a Bulgarian cocaine trafficking gang. The Federal Criminal Court's appeals chamber lifted the compensation claim against the bank, which collapsed in 2023 and was taken over by UBS.
UBS CFO Todd Tuckner highlighted the impact of sluggish economic growth in Europe on the bank's credit loss expenses, which are expected to reach approximately 150 million Swiss francs in the fourth quarter. He noted that while Switzerland's economy is stable, neighboring eurozone countries, particularly Germany, are struggling, affecting Swiss corporates involved in export-import activities. Tuckner also mentioned that the situation has been worsened by the dynamics following the collapse of Credit Suisse, which UBS acquired.
Swiss bank Julius Baer reported a rise in net new money during July-October, totaling 7.5 billion francs, with assets under management increasing to 480 billion francs. The new CEO, Stefan Bollinger, will start on January 9, following the ousting of Philipp Rickenbacher in February amid financial challenges. The bank noted a significant inflow from key European and Asian markets, while ongoing regulatory reviews have delayed share buybacks and cost targets remain unmet.
UBS reported a net profit of $1.4 billion for Q3, significantly surpassing analysts' expectations of $740 million, driven by cost reductions and strong revenue growth, particularly in the Americas and Asia-Pacific. Operating expenses decreased to $10.3 billion, while sales reached $12.3 billion, exceeding forecasts. The bank also completed the first wave of account migrations for former Credit Suisse clients, enhancing integration efforts post-acquisition.
UBS reported a net profit of $1.4 billion for Q3, significantly surpassing analyst expectations of $740 million, driven by cost reductions and strong revenue growth, particularly in the Americas and Asia-Pacific. Operating expenses decreased to $10.3 billion, while sales reached $12.3 billion, exceeding forecasts. The bank also completed the first wave of account migrations for former Credit Suisse clients, enhancing integration efforts post-acquisition.
UBS reported a third-quarter net profit of $1.4 billion, nearly double analysts' expectations of $740 million, driven by cost cuts and strong revenue growth, particularly in the Americas and Asia-Pacific. Operating expenses decreased to $10.3 billion, while sales reached $12.3 billion, surpassing forecasts. The bank also completed the first wave of account migrations for former Credit Suisse clients, enhancing integration efforts post-acquisition.
Raiffeisen Bank International"s CEO, Johann Strobl, stated that the bank is not prepared to exit Russia without receiving compensation. He emphasized the importance of the bank"s Russian operations, which serve as a crucial payment lifeline for numerous companies in the region.
UBS Group reported a third-quarter net profit of $1.4 billion, nearly double analysts' expectations of $740 million, driven by increased revenue of $12.3 billion and effective cost reductions. The bank successfully completed the first wave of client migrations from Credit Suisse, with further integrations planned for Singapore and Japan by year-end. Despite strong results, UBS faces uncertainties from new regulatory demands and geopolitical tensions affecting market conditions.
UBS reported a net profit of $1.4 billion for Q3, nearly double analysts' expectations of $740 million. Operating expenses decreased to $10.3 billion, while sales reached $12.3 billion, surpassing forecasts. CEO Sergio Ermotti highlighted strong revenue growth and successful integration efforts with Credit Suisse.
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