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The Swiss People's Party is advocating for a cap on UBS's investment banking operations, limiting it to 30% to mitigate financial risks following its acquisition of Credit Suisse. Supported by Swiss regulators, this move aims to ensure taxpayer protection, though UBS CEO Sergio Ermotti warns that excessive regulation could jeopardize the bank's stability and growth. The outcome may set a precedent for global banking regulations amid increasing scrutiny of financial institutions.
The European General Court has upheld a multi-million euro fine against UBS, UniCredit, and Nomura for their involvement in a cartel manipulating European government bond trading from 2007 to 2011. UBS's fine remains at €172 million, while fines for UniCredit and Nomura have been slightly reduced, totaling €363 million for all three banks. UBS is considering an appeal against the ruling.
Protests erupted during Raiffeisen Bank International's Annual General Meeting, focusing on the bank's operations in Russia. An activist shareholder interrupted the meeting, accusing the bank of "warmongering," while CEO Johann Strobl reiterated plans to further reduce Russian business amid ongoing legal disputes with Rasperia. Additionally, the bank faces a €50 million increase in levy costs this year, which has been criticized as a hindrance to economic growth.
Unicredit, UBS, and Nomura have failed to overturn a multi-million euro fine imposed by the European Commission for colluding on prices in the trading of government bonds between 2007 and 2011. UBS faces the largest penalty at 172 million euros, while Nomura and Unicredit are fined nearly 126 million and 65 million euros, respectively. Seven banks were involved in the cartel, but some escaped penalties due to their cooperation as key witnesses.
The General Court of the European Union has upheld fines against UBS, Nomura, and UniCredit for participating in a cartel related to European government bonds, originally totaling 371 million euros. While the court confirmed the breaches of EU competition law, it reduced Nomura's fine to 125.65 million euros and UniCredit's to 65 million euros due to calculation errors. The banks are considering appeals to the European Court of Justice.
The European Court of Justice has upheld a €172.4 million fine against UBS, confirming the bank's involvement in a cartel with several others in the European government bond sector from 2007 to 2011. The court noted that traders exchanged information to gain competitive advantages, impacting the entire European Economic Area market. UBS is currently evaluating the decision and considering an appeal.
The General Court of the European Union has upheld fines totaling 371 million euros against UBS, Nomura, and Unicredit for their involvement in a European sovereign bond cartel. The court found that traders from these banks exchanged sensitive information via Bloomberg chat rooms from 2007 to 2011, violating EU competition law. While the fines for Nomura and Unicredit were slightly reduced due to calculation errors, all three banks are considering appeals to the European Court of Justice.
UniCredit, UBS, and Nomura have lost their appeal against fines imposed by the EU for their involvement in a bond cartel. The decision underscores the ongoing scrutiny of financial institutions regarding anti-competitive practices in the bond market.
UniCredit, UBS, and Nomura have lost their appeal against a multi-million-euro fine imposed by the European Commission for participating in an illegal cartel involving European government bond trading from 2007 to 2011. The General Court of the European Union upheld the fines, reducing those for Nomura and UniCredit to just under €126 million and €65 million, respectively, while UBS's penalty remains at €172 million. The ruling is not final, and the banks may still appeal.
UBS, Unicredit, and Nomura have failed to overturn a multi-million euro fine imposed by the European Commission for their involvement in a cartel trading European government bonds from 2007 to 2011. The General Court of the European Union upheld UBS's fine at approximately 172 million euros, while slightly reducing the penalties for Nomura and Unicredit to just under 126 million and 65 million euros, respectively. The banks retain the option to appeal the ruling.
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Swiss People's Party seeks to limit UBS investment banking after Credit Suisse deal
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