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UBS's auditor has issued an "adverse opinion" regarding the effectiveness of the bank's internal controls over financial reporting for 2024. The annual report reveals a material weakness stemming from unresolved issues related to material misstatements inherited from Credit Suisse as of December 2024.
Deutsche Bank shares surged 17% over two days following a significant political agreement in Germany to enhance military spending and stimulate growth. The stock rose 4.9% on Thursday, marking its largest two-day gain since 2011, and has increased 37% in 2025, outperforming European banking stocks, which gained 26%.
Deutsche Bank shares surged 17% over two days, marking their largest two-day gain since 2011, following a significant political agreement in Germany to boost military spending and economic growth. The stock rose 4.9% on Thursday, reaching levels not seen in nearly a decade, despite a previous drop of 7.5% due to global tariff concerns. Year-to-date, shares have increased by 37%, outperforming the 26% rise in European banking stocks.
Deutsche Bank shares surged 17% over two days following a significant political agreement in Germany to enhance military spending and stimulate growth. The stock rose 4.9% on Thursday, marking its largest two-day gain since 2011, and has increased 37% in 2025, outperforming European banking stocks, which gained 26%.
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.
Switzerland's parliamentary report on the Credit Suisse collapse outlines 30 recommendations to prevent future crises, emphasizing the need for stricter regulations on systemically important banks like UBS. Key proposals include limiting executive bonuses during downturns, enhancing FINMA's powers, and establishing a public liquidity backstop to stabilize the financial system. The report also highlights the importance of improved information sharing among key officials during crises.
UBS is engaged in "technical discussions" with the Swiss government regarding its capital plans, according to CEO Sergio Ermotti. He noted that the bank is working on 22 proposals from the Swiss Federal Council and is focused on ensuring all parties have the same data for decision-making. Feedback from the government has not yet been received.
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.
UBS is urged by Swiss regulator Finma to enhance its stabilization and contingency plans following its acquisition of Credit Suisse. The regulator has suspended the annual approval of these plans, emphasizing the need for improved crisis preparedness and liquidity measures to protect financial stability and taxpayer interests. UBS acknowledged the need for targeted development of its contingency strategies to ensure uninterrupted operations during potential insolvency risks.
UBS is urged by the Swiss financial regulator Finma to enhance its stabilization and contingency plans following its acquisition of Credit Suisse. Finma has suspended the annual approval of these plans, emphasizing the need for improved crisis preparedness and liquidity measures to ensure UBS can operate without interruption during potential insolvency risks.
Tommy Reggiori Wilkes
People
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