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U.S. stocks fell on Tuesday, with the Dow experiencing its longest losing streak since February 1978, dropping for the ninth consecutive session. Investors are cautious ahead of the Federal Reserve's policy announcement, anticipating a 25 basis point rate cut, while economic data shows solid consumer spending. The S&P 500 and Nasdaq also declined, though Tesla's stock rose significantly after a price target increase.
The US is investigating Russian accounts that UBS acquired from Credit Suisse, amid heightened scrutiny of the bank's handling of these clients following the latter's collapse. The inquiry by the Treasury's OFAC emphasizes the risks associated with managing Russian money due to extensive sanctions imposed after the Ukraine invasion. UBS is reportedly cooperating with the investigation while working to mitigate potential fallout by isolating suspect funds.
UBS CEO Sergio Ermotti announced that the migration of Credit Suisse clients to UBS will take approximately 18 months. This integration follows UBS's acquisition of Credit Suisse, which collapsed amid scandals. Ermotti emphasized the complexity of the IT integration but believes it will ultimately benefit shareholders, clients, and employees.
UBS CEO Sergio Ermotti announced that the migration of Credit Suisse clients to UBS will take approximately 18 months. This integration follows UBS's acquisition of Credit Suisse, which collapsed amid scandals. Ermotti emphasized the complexity of the IT integration but believes it will ultimately benefit shareholders, clients, and employees.
UBS CEO Sergio Ermotti announced that the migration of Credit Suisse clients to UBS will take approximately 18 months. This integration follows UBS's acquisition of Credit Suisse, which collapsed amid scandals. Ermotti emphasized the complexity of the IT integration but believes it will ultimately benefit shareholders, clients, and employees.
UBS CEO Sergio Ermotti announced that the migration of Credit Suisse clients to UBS will take approximately 18 months as the bank continues its integration efforts following last year's acquisition. He emphasized the complexity of the IT integration but expressed confidence that it will ultimately enhance value for shareholders, clients, and employees. This integration serves as a significant case study for regulators evaluating the resolution of systemically important banks.
Richard Chang
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